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Pyreos appoints new CFO to strengthen management team ahead of global product launches

Pyreos - the Edinburgh-based passive infra-red sensor developer - has appointed Andy Laing as Chief Finance Officer (CFO) as part of an intensive recruitment drive to take advantage of global market growth and new product development opportunities.

Previously with Archangels, Laing raised more than £25m for small technology businesses. In the decade prior to joining Archangels, Andy held various board level finance roles in technology and marketing businesses and worked for Applied Materials, then an $80bn nanotech manufacturer.

The CFO role is a board appointment through which Laing will help drive the growth and development ambitions of Pyreos. Laing will be equally focused on financial and operational planning to ensure that Pyreos delivers on its global contracts.

Laing has a degree in Applied Semiconductor Physics from Heriot-Watt University and an MBA from Edinburgh Business School, and is a chartered accountant. He lives in Edinburgh and has also lived in Sydney.

Commenting on Laing’s appointment, Pyreos CEO Andrew Wallace said: “Pyreos is delighted to have attracted someone of Andy’s calibre and experience and he will be invaluable to the business. Following our latest round of funding, we have developed, patented and launched further sensor products. “We are developing in a fast growing global market and we’re making a number of appointments to Pyreos during this important period of transition and growth. We are excited about the opportunities that lie ahead and are confident Andy will be a key member of the team.”

Howard Ford, chairman at Pyreos, added: “This has been a significant year of change for Pyreos, so it is vital for the business to appoint strong talent to support our growth potential. There are important opportunities to launch new products into key markets, including Asia and the USA, so Andy is a very welcome addition to our board to help fulfil those ambitions.”

Pyreos was spun out from Siemens in 2007. The company’s technology is based on the equivalent of 75 man-years and some €10m (£7m) of investment and research at Siemens in ceramic thin-film technology. The company has filed well over 100 patents to protect the intellectual property it has created so far.

It recently announced the appointment of two non-executive directors with electronics industry veteran Tony Lear and Philipp Rose joining the board. The Scottish Investment Bank nominated Mr Lear for his second spell on the board, following his chairman and independent director positions between 2010 and 2012.

Pyreos’s major shareholders include Robert Bosch Venture Capital, Scottish Investment Bank (the investment arm of Scottish Enterprise), Seraphim Partners, Siemens Technology Accelerator and Braveheart. All shareholders contributed to a further £2.5m funding package for the company earlier this year.

The firm is based at the Scottish Microelectronics Centre on the University of Edinburgh’s Kings Buildings campus and is recruiting for several roles.

Andrew Wallace, a Cambridge graduate in Physics and Engineering, joined the company in February 2015 as its CEO following a career spent in the electronics, sensors and telecoms sectors, including several disruptive product and service launches worldwide.