Funding boost for laser detection specialist Cascade

Published on Thursday 10 April 2008 21:54

CASCADE Technologies, the five-year-old Strathclyde University spin-off specialising in lasers that detect gases and explosives, has raised £1 million in third-round funding.

The firm said the cash injection, raised through the placing of new shares, would support its sales and marketing efforts while it built its order book.

Cascade, based at Stirling Innovation Park, has developed a laser-based system for detecting drugs, explosives and hazardous compounds in the air. It is on track for sales of about 4m in its new financial year.

The latest round of funding involved Perth-based investment group Braveheart; PUK Ventures, the London-based venture capital arm of Partnerships UK; Bank of Scotland Corporate and Scottish Enterprise's co-investment fund.

Iain Howieson, chief executive of Cascade, said: "Cascade is in an exciting position to capitalise on the recent developments in trialing its technology and we are delighted to have sustained backing from our core investors.

"We look forward to taking more of our products to market."