Pyreos, the infrared sensors technology outfit, has secured £1.8 million of fresh funding as it continues to develop its product portfolio.
The Edinburgh-based company, which was spun out from German industrial giant Siemens in 2007, launched its “ezPyro” sensor earlier this year.
The device, which has a built-in digital interface, is said to have a broad range of applications, including the detection of flames in the oil 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 included Robert Bosch Venture Capital, the Scottish Investment Bank, Seraphim Capital and Siemens Technology Accelerator. They were joined by new investor London Business Angels, one of Europe’s most active private investment groups.
The investment comes on top of a £2.5m funding package that Pyreos secured from its investors in March of last year.
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.”
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.”
Anthony Clarke, chief executive at London Business Angels, which was founded in 1982 and typically invests between £100,000 and £1m in high-growth technology businesses, 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 £18 billion wearable technology market.”
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.