Pyreos fired up by £5.5m funding to drive its international growth

By PERRY GOURLEY
Published on 03/07/2012 00:00

Pyreos, an Edinburgh-based infrared technology company, has secured funding of £5.5 million to back its international growth.

The second-round investment was led by German-based Robert Bosch Venture Capital, which co-invested alongside other investors including Siemens Technology Accelerator, Scottish Investment Bank’s Scottish Venture Fund and clients of Perth-based Braveheart Ventures.

Pyreos, which employs 20 people at its base at the Scottish Microelectronics Centre, develops infrared sensor products used in applications including monitoring harmful gases and enabling electronic devices to be controlled by hand gestures rather than touch.

Chief executive Jeff Wright said: “It is a great endorsement of our products, our team, and our plans to have secured such substantial financial support from investors. This funding will develop the sales and marketing team at Pyreos and enable us to support our customers globally.”

The company, founded in 2007, owns a number of patents covering infrared technology which had been developed by Siemens in its corporate research facilities in Munich.

Claus Schmidt, managing director of Robert Bosch Venture Capital, said: “We are excited to support Pyreos to further exploit its massive potential and to enlarge its already established international customer base.”

Initial funding for the company had been provided by investors including Braveheart, Scottish Enterprise and Siemens Technology Accelerator.