Pyreos Secures £2.5M in Funding; Names Directors
EDINBURGH, Scotland, Oct. 22, 2015 — Investors have appointed two nonexecutive directors to the board of IR sensor firm Pyreos Ltd. after completing a £2.5 million (about $3.85 million) funding round.
Tony Lear represents Scottish Investment Bank, and Philipp Rose represents Robert Bosch Venture Capital.
Lear served as Pyreos' chairman and independent director between 2010 and 2012. His career in the electronics industry has included periods at Philips Semiconductors, Seagate Technology and Texas Instruments, and he sits on the board of Fairchild Semiconductor in the U.S.
From left to right, CEO Andrew Wallace, directors Tony Lear and Philipp Rose, and Chairman Howard Ford. Courtesy of Mike Wilkinson/Pyreos.
"I'm excited about returning to the board of Pyreos to support the latest step in the company's development," Lear said. "Pyreos is the world's only volume supplier of thin film pyroelectric sensors, which can be used in a broad range of applications, from engine condition monitoring and food safety."
Rose replaces Dr. Claus Schmidt, who spent three years on the board of Pyreos and is retiring from Bosch.
Andrew Wallace, a graduate in physics and engineering, joined the company in February as CEO following a career spent in the electronics, sensors and telecommunications sectors. His roles have included five years as marketing director at set-top box manufacturer Pace.
Pyreos was spun out from Siemens in 2007.