Braveheart backs cable specialist PSI

Published on Wednesday 20 June 2007 00:42

BRAVEHEART, the Scottish venture capital group, has ploughed £250,000 into a University of Strathclyde spin-out company that specialises in tracking faults in power cables.

PSI Electronics is the sixth business to benefit from the Alpha EIS fund managed by Braveheart and backed by Bank of Scotland Corporate along with Scottish Enterprise's Co-investment Fund and Braveheart's clients.

The technology, which boasts a 60 per cent reduction in costs to locate underground faults, is set to be sold for the first time in September this year. The funds will be used by PSI to reinforce its management team and infrastructure.

Braveheart chief executive Geoffrey Thomson described the product as "innovative, market-led technology" that "could bring benefits to many cities and rail networks worldwide".

PSI director Martin Stewart said there was an "unmet market need" in this area that was "likely to increase".

Yesterday's news came a day after Braveheart announced the setting up of an investment pool worth 25 million to benefit spin-off companies from Edinburgh University.