Giltech wins £1m funding boost

AN AYRSHIRE firm that specialises in biodegradable technologies has secured a £1 million funding deal that will allow it to expand the range of projects it works on.

Giltech said the cash injection would also see it accelerate plans to move to larger offices and "invest in people and IP".

The funding it being provided by Stacey Ventures, an investment syndicate led by Mike Stacey, who founded and developed oil and gas engineering consultancy Granherne. Stacey was also a main board director at Petrofac prior to its stock market flotation.

Gillian Watson, managing director of Giltech, said: "Giltech is entering an exciting phase of its evolution, with an expanding pipeline of novel development projects.

"We are also working alongside a range of top-tier global companies."