Investment into sensor firm
Pyreos secures £1.7m from syndicate
The funds will be used for further commercial expansion building on Pyreos’ recent sales growth and the start of field trials and mass-production by several customers.
Pyreos makes a unique sensor used for gas and flame sensing, food safety, and for monitoring oil and fuel in engines. These growth markets have a combined accessible value estimated at $1.2bn a year.
Its technology was developed by Siemens, from which Pyreos was spun out in 2007. Pyreos now owns an extensive patent portfolio.
The latest investment brings the total raised by Pyreos since 2015 to almost £7m. Existing shareholders include Seraphim Capital, London Business Angels, Robert Bosch Venture Capital GmbH, the Scottish Investment Bank (the investment arm of Scottish Enterprise) and Siemens Technology Accelerator.
The investment follows a busy year for Pyreos in which the company grew its revenues by 50%, with exports accounting for 81% of sales thanks to major markets including China, Korea, the US and India.
Andy Laing, chief financial officer at Pyreos, said: “We’re delighted to welcome a new set of professional investors with the appetite to support further growth and product development. This funding sets the basis for more ambitious product development.
“Our sensors are also already used in a wide array of industrial applications, from monitoring additives in milk through to detecting flames from burning gases.”
The lead investor in the syndicate is one of the investment vehicles owned by venture capitalist Jon Moulton.