PYREOS, the infrared technology company, has secured £1 million from investors, allowing it to move towards commercialisation.
The Edinburgh-based firm has developed an infrared sensor aimed at the security and petrochemical sectors, claiming its product will facilitate improved gas and flame detection.
Yesterday, the company said the fund raising would allow it to m
ove into operational supply after announcing long-term supply contracts and £8m in initial orders in May.
Founder Jeff Wright, who previously set up microscreen maker MicroEmissive Displays, welcomed the faith shown by investors.
He said: "We have made good commercial and technical progress so far and now seek to capitalise on that progress with the new funding, which should enable us to move into operational supply of products to our customers."
Based in the University of Edinburgh's Scottish Microelectronics Centre, the company was set up in 2007 to commercialise technology acquired from German engineering giant Siemens.
Pyreos is aiming to become a key global supplier of infrared sensor components, estimating that the global market will reach £1 billion by 2013.
The latest round of equity funding was led by angel investor Braveheart, while Scottish Enterprise's Scottish Venture Fund and Siemens' Technology Accelerator also invested cash.
Perth-based Braveheart initially invested in Pyreos in December 2007, co-leading a £2m financing deal.
Braveheart chief executive Geoffrey Thomson said the group was pleased to support Pyreos with additional backing.
"Pyreos has made good progress since our initial funding in 2007 and this follow on investment will allow them to take the next important steps towards commercialisation," he said.
Christian Wiesinger, the chief financial officer of Siemens Technology Accelerator, said: "The way in which leading infrared companies have embraced Pyreos's technology is impressive and extremely encouraging, as is the speed at which the company has secured first orders."
