Pyreos, the Edinburgh-based passive infra-red sensor developer, has secured £1.8m of funding from new and existing shareholders as it continues to expand its business.
The company, which was spun out from German industrial firm Siemens in 2007, will use the cash to accelerate development and marketing of its products and sensor components, including the ezPyro sensor, which it launched in May this year.
ezPyro, which has a built-in digital interface, has a broad range of applications, including the detection of flames in the oil and gas and petrochemical industries, the analysis of gases by industrial laboratories or universities, and in smart watches, fitness trackers and other wearable technology.
Existing investors that took part in the latest funding round – which closed at the end of July – included Robert Bosch Venture Capital GmbH, the Scottish Investment Bank (the investment arm of Scottish Enterprise), Seraphim Capital and Siemens Technology Accelerator.
They were joined by new investor London Business Angels, one of Europe’s most respected and active private investment groups.
The investment comes on top of a £2.5m funding package that Pyreos secured from its investors in March 2015.
Andy Laing, chief financial officer of Pyreos, said: “We are delighted to have secured this level of investment at such an exciting time for the business.
“The continued support of major shareholders and the introduction of a knowledgeable new investor both validate the huge opportunities available to Pyreos. Their confidence in this business, and their cash from this funding round, will help us to accelerate the development and commercialisation of a number of strategically important innovations”.
London Business Angels was founded in 1982 and typically invests between £100,000 and £1m in high growth technology companies, through its private investors and in-house EIS Funds.
Anthony Clarke, CEO at London Business Angels, said:
“We’re always on the look-out for companies that have innovative and disruptive technology and with Pyreos we think we have hit the jackpot. Not only do its sensors have a wide variety of applications across a broad range of industries but they are also well-suited to the £18bn wearable technology market. Our investors are always excited when we introduce them to businesses like Pyreos because they can see the potential for its technology.”
Pyreos, which is based at the Scottish Microelectronics Centre in Edinburgh, has filed 148 patents to protect the intellectual property it has created so far.
Its technology is based on the equivalent of 75 man-years and more than €10m (£8.5m) of investment and research at Siemens in ceramic thin-film technology.
Kerry Sharp, Head of the Scottish Investment Bank, the investment arm of Scottish Enterprise, said:
“Pyreos is an excellent example of a Scottish technology business that is operating in a global market. The company is already trading internationally and exports 90 per cent of its sales. The diverse range of customers that use Pyreos’ sensors means that the company is not reliant on one single market.
This is just the kind of business that the Scottish Investment Bank is here to support – innovative, disruptive and internationally-focused.”