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Pyreos appoints two non-executive directors following successful fundraising

Pyreos, the Edinburgh-based infra-red sensor developer spun out of Siemens, has appointed two non-executive directors after its completion of the successful £2.5m fundraising announced in March 2015. All major shareholders invested further capital during this transaction.

Tony Lear and Philipp Rose have joined the board during a key stage in the growth of Pyreos, a company which develops and supplies the infra-red sensors used by equipment manufacturers worldwide to measure foodstuffs, engine oils, gases, flames and even human gestures. 

Mr Lear’s appointment, which has been made via Scottish Investment Bank’s right to appoint a Director to the Company’s board, marks his second spell at Pyreos, having served as chairman and independent director between 2010 and 2012. His career in the electronics industry has included periods at Philips Semiconductors, Seagate Technology and Texas Instruments and he sits on the board of Fairchild Semiconductor in the USA.

Mr Lear said: “I’m excited about returning to the board of Pyreos to support the latest step in the company’s development.

“Pyreos is the world’s only volume supplier of thin-film pyroelectric sensors, which can be used in a broad range of applications, from engine condition monitoring and food safety.”

He is joined on the board by Mr Rose, who represents Robert Bosch Venture Capital (RBVC), one of the company’s shareholders.

RBVC – alongside fellow shareholders Scottish Investment Bank, the investment arm of Scottish Enterprise, Seraphim Partners, Siemens Technology Accelerator and Braveheart – took part in the fundraising for the company earlier this year.

Mr Rose replaces Dr. Claus Schmidt, who has spent three years on the board of Pyreos and who is now retiring from Bosch.

Mr Rose, who is one of the managing directors at RBVC, said: “I’m delighted to join Pyreos at this stage in its growth. The company is winning orders for its uniquely cost-effective passive mid-IR linear array sensors, and delivering growth in its established gas and flame detection business.”

Howard Ford, chairman at Pyreos, added: “We welcome Philipp who brings important experience and an extensive network within Bosch. 

“We are particularly grateful to Claus who has provided unique insight and industry knowledge to the board over several years.

“We would also like to welcome back Tony, whose experience of working in our sector around the globe will prove extremely useful as we continue to grow the business.”

Pyreos was spun out from Siemens in 2007. The company’s technology is based on 75 man-years and some €10 million (£7m) of investment and research at Siemens in ceramic thin-film technology.

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 graduate in Physics and Engineering, joined the company in February 2015 as its chief executive following a career spent in the electronics, sensors and telecoms sectors, including several disruptive product and service launches worldwide. His roles have included five years as marketing director at Pace, the set-top box manufacturer that developed the Sky+ box and helped launch the Freeview digital television service and stints in surveillance and detection products.