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Pyreos secures £2.5m investment to fuel further growth

Pyreos, the Edinburgh-based infra-red sensor developer spun out from Siemens, has secured a further £2.5m funding package from all of its major shareholders.

Robert Bosch Venture Capital GmbH, the Scottish Investment Bank (the investment arm of Scottish Enterprise), Seraphim Capital, Siemens Technology Accelerator, and investors from Braveheart took part in the finance round.

The money raised during the deal, which was completed in March 2015, will be used to develop further sensors and products and ensure their patent protection, and to expand the business development team.

Howard Ford, chairman of Pyreos, said: “We are delighted to have received strong support from all our larger shareholders in raising an additional £2.5m.

“Pyreos continues to develop, patent and apply highly innovative solutions to a wide range of market opportunities, including spectroscopy, gas and flame detection, and movement and gesture sensing.

“The company is also seeing a number of significant commercial opportunities.”

Pyreos, which is based at the Scottish Microelectronics Centre on the University of Edinburgh’s Kings Buildings campus, was spun out from Siemens in 2007. 

The company’s technology is based on some €10m (£7.5m) of investment and research at Siemens in ceramic thin-film technology.

Andrew Wallace, chief executive of Pyreos, added: “It’s fantastic to have this backing from our largest shareholders, which demonstrates the confidence that they have in the company.

“This cash will allow us to expand our team, invest in some of the innovation opportunities which we see, and accelerate the growth of the business.”