PYREOS, the Edinburgh-based maker of passive infrared sensors, has secured £1.7 million of funding in a round led by veteran venture capitalist Jon Moulton.
The company, whose thin film pyroelectric sensors are primarily used for gas and flame sensing, food safety and monitoring oil and fuel in engines, said it will use the injection to build on recent sales growth and the start field of trials and mass production by several customers.
The investment follows a year during which Pyreos has lifted revenues by 50 per cent, with exports accounting for 81 per cent of sales. Key markets include China, Korea, India and the US. It takes to nearly £7 million the amount of investment raised by Pyreos, which spun out of Siemens in 2007, since 2015.
The latest funding round was led by Mr Moulton’s family office, Perscitus, alongside existing shareholders. Investors also include Seraphim Capital, London Business Angels, Robert Bosch Venture Capital GmBH, Scottish Investment Bank and Siemens Technology Accelerator.
Pyreos chief financial officer Andy Laing 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. Our sensors are already used in a wide array of industrial applications, from monitoring additives in milk through to detecting flames from burning gases.”
Products launched recently which use Pyreos’ chips include an oil analyser from Parker Kittiwake, which makes instruments for engines.
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