The investment in Edinburgh-based UniKLasers is the second that Par Equity has made since its recent partnership with British Business Investments through the Regional Angels Programme. This latest cash injection takes UniKLasers’ total funding since 2017 to £2.3 million.
The company will use the funding round to expand and upgrade its manufacturing and research and development (R&D) capability, continue to build its global sales and marketing pipeline and “significantly” increase its workforce as it taps into a £1 billion-plus market.
The firm, which runs its sales operations out of Edinburgh and Berlin, has also appointed a new chief executive, Alan Faichney.
A renowned serial entrepreneur and business strategist, Faichney has helped restructure and guide a number of Scottish tech businesses including Pufferfish, Arrayjet, Silent Herdsman and Edinburgh Instruments.
Anastasia Bombrys, chief operating officer of UniKLasers, said: “This month is a very important milestone in laser history. It marks the 60th anniversary since the invention of the world’s first laser by American physicist, Theodore Maiman.
“The intervening period has seen lasers become crucial to manufacturing, engineering and academic research across the world.
“UniKLasers’ founder and CTO [chief technology officer] Fedor Karpushko invented his first laser just six years after Maiman’s invention and has not stopped since.”
The £750,000 financing round has been led by Par Equity with support from the Scottish Investment Bank.
Paul Atkinson, sponsoring partner at Par Equity, said: “Par Equity first invested in UniKLasers in 2017 and we are delighted to continue supporting the company as one of the very best high-growth technology start-ups.
“Through our EIS Fund, our private investor network, our recent tie-up with British Business Investments and with the Scottish Investment Bank we are able to draw on a breadth of firepower for our portfolio.
“UniKLasers has developed a suite of market leading lasers from a single platform and continue to be heavily involved with pioneering Quantum Technologies. They are well placed to achieve their ambitions and I am delighted that Par Equity was able to continue support them on this journey.”
UniKLasers, as one of Par Equity’s portfolio of nearly 40 companies, sits alongside other emerging tech stars such as Edinburgh-based remote-patient monitoring platform Current Health and Belfast-based BrainwaveBank.
A message from the Editor:
Thank you for reading this story on our website. While I have your attention, I also have an important request to make of you.
With the coronavirus lockdown having a major impact on many of our advertisers - and consequently the revenue we receive - we are more reliant than ever on you taking out a digital subscription.
Subscribe to scotsman.com and enjoy unlimited access to Scottish news and information online and on our app. With a digital subscription, you can read more than 5 articles, see fewer ads, enjoy faster load times, and get access to exclusive newsletters and content. Visit https://www.scotsman.com/subscriptions now to sign up.
Our journalism costs money and we rely on advertising, print and digital revenues to help to support them. By supporting us, we are able to support you in providing trusted, fact-checked content for this website.