Pyreos, the Edinburgh-based passive infrared sensor developer and manufacturer, has just secured substantial funding from a syndicate of new investors led by Jon Moulton’s family office, Perscitus, alongside existing shareholders.
The investment follows a busy year in which the company grew its revenues by 50%, with exports accounting for 81% of sales thanks to major markets including China, Korea, the USA and India.
The funds will be used for further commercial expansion, building on the company’s recent sales growth and the start of field trials and mass-production by several customers.
Andy Laing, chief financial officer at Pyreos, said: “We’re delighted to welcome a new set of professional investors with the appetite to support further growth and product development. This funding sets the basis for more ambitious product development in the future.”
Since 2015 Pyreos has raised almost £7m in funding
The latest investment brings the total raised by Pyreos since 2015 to almost £7m. Existing shareholders include Seraphim Capital, London Business Angels, Robert Bosch Venture Capital GmbH, the Scottish Investment Bank (the investment arm of Scottish Enterprise) and Siemens Technology Accelerator.
The company was spun out of Siemens in 2007 following £7.5m of research and development work. Based at the Scottish Microelectronics Centre in Edinburgh they are the world’s only supplier of thin-film pyroelectric sensors, which can be used to analyse gas and blood, or in switches and other components.
September of 2017, the firm was awarded a grant of £950,000 by Innovate UK to develop their infrared sensor technology, which led to a joint project with nanotechnology innovators at Imperial College London.
The investment in a firm such as Pyreos will help to ensure that Scotland maintains a strong presence in high-tech areas such as Microelectromechanical systems (MEMS), the technology of microscopic devices particularly those with moving parts, a market that is expected to grow in 2018.