Pyreos Secures £1.8M in Funding
EDINBURGH, Sept. 20, 2016 — Sensor developer Pyreos Ltd. has secured £1.8 million ($2.4 million) of funding from new and existing shareholders as it continues to expand its business.
The company, which was spun out from German industrial firm Siemens in 2007, will use the cash to accelerate development and marketing of its products and sensor components, including the ezPyro sensor, which it launched in May this year.
ezPyro, which has a built-in digital interface, has a broad range of applications including the detection of flames in the oil and gas and petrochemical industries, the analysis of gases by industrial laboratories or universities and in smart watches, fitness trackers and other wearable technology.
Existing investors that took part in the latest funding round include Robert Bosch Venture Capital GmbH, the Scottish Investment Bank, Seraphim Capital and Siemens Technology Accelerator. They were joined by new investor London Business Angels, a private investment group.
“We are delighted to have secured this level of investment at such an exciting time for the business,” said Andy Laing, chief financial officer of Pyreos. “The continued support of major shareholders and the introduction of a knowledgeable new investor both validate the huge opportunities available to Pyreos. Their confidence in this business, and their cash from this funding round, will help us to accelerate the development and commercialization of a number of strategically important innovations.”
The investment comes on top of a £2.5 million ($3.3 million) funding package that Pyreos secured from investors in March of 2015.
“We’re always on the look-out for companies that have innovative and disruptive technology and with Pyreos, we think we have hit the jackpot,” said Anthony Clarke, CEO of London Business Angels. “Not only do its sensors have a wide variety of applications across a broad range of industries, but they are also well-suited to the £18 billion wearable technology market. Our investors are always excited when we introduce them to businesses like Pyreos because they can see the potential for its technology.”