Volume contract secured
Key South Korea deal for Pyreos sensor
Pyreos, the Edinburgh-based sensor developer, has won its first volume contract for its ezPyro chip, which incorporates both a sensor and a processing unit.
The order was secured from a South Korean customer, which is using the sensor in two of its products.
The ezPyro component has been designed into a standalone fire-detection device and a standard closed-circuit television (CCTV) camera, adding a flame-detection feature to the system.
Pyreos already has a well-established customer base in South Korea, mainly in gas detection and fire detection.
Exports account for about 78% of the company’s total revenues, with 44% of sales coming from Asia.
Andrew Wallace, chief executive, said: “Winning our first volume order for ezPyro so soon after launching the sensor is a real validation of how our customers value this new product.
“There’s a lot of careful work that’s gone into the development of ezPyro and I’m really pleased to see that’s now being rewarded with volume shipments.”
The ezPyro chip was launched last May at the Sensor+Test measurement fair in Nuremburg.
The component is much smaller than a five pence coin and can detect gestures and provide information on the direction and speed of a movement.
The company’s sensors allow its devices to have response times measured in milliseconds.
Pyreos’s sales have been growing by 25-50% quarter-on-quarter since the middle of last year. Its expansion has been fuelled by £1.8 million raised last September from new and existing investors.
The company was spun out from German industrial firm Siemens in 2007. Shareholders include Robert Bosch Venture Capital GmbH, the Scottish Investment Bank, Seraphim Capital and Siemens Technology Accelerator. They were joined by new investor London Business Angels.
The investment followed on from the £2.5m funding package that Pyreos secured from its shareholders in 2015.