Pyreos joins First Minister for LSE investment seminar

Pyreos chief executive Andrew WallacePyreos chief executive Andrew Wallace
Pyreos chief executive Andrew Wallace
Infrared sensors technology outfit Pyreos today joined First Minister Nicola Sturgeon for an investment seminar at the London Stock Exchange.

After ringing the opening bell at the stock exchange, Sturgeon attended the seminar with Pyreos chief executive Andrew Wallace and Scottish Enterprise boss Lena Wilson. The event was aimed at bringing together investors and advisers to discuss the role that equity finance and capital markets can play in the growth of technology firms.

In his invitation to the event, London Stock Exchange chief executive Xavier Rolet said Pyreos was “widely regarded as one of Scotland’s most successful businesses, with exciting future growth prospects”.

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Edinburgh-based Pyreos, which launched in 2007 as a spin-off from German industrial giant Siemens, completed a £2.5 million fundraising earlier this year.

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Wallace said: “Being invited to such a prestigious event recognises the achievements of the whole team at Pyreos in bringing our sensors to market and incorporating them into a wide array of devices for our clients.

“It also recognises the potential of our company as we continue to develop sensors for other industries and continue to expand our sales, both in the domestic market and overseas.”

Today’s event came as a new report from Scottish Enterprise showed that Scotland’s risk capital market is nearing its 2001 peak after a 20 per cent surge last year as start-up businesses continue to seek out funding.

Risk capital investment hit £244m in 2014, marking a five-year growth rate of 90 per cent and approaching the highest recorded level of £250m set 14 years ago.

The research, which was undertaken by Young Company Finance, also found that 2014 was a record year for business angel investment in Scotland, in terms of both the overall amount of investment – some £26m – and the number of new companies receiving funding – 31.

Sturgeon said: “These figures show that Scotland continues to be a great place to invest and confidence in our ambitious industries is growing.”

Kerry Sharp, head of the Scottish Investment Bank, the investment arm of Scottish Enterprise, added: “Having a strongly performing risk capital market in Scotland helps companies to grow to a level where they can attract international investment to successfully compete in global markets.”

Last year saw a number of very large deals, with the top three accounting for 34 per cent of total investment. IT and life sciences companies attracted the highest overall amounts of investment.