Pyreos Ltd (United Kingdom) - Jan 2008

unquote
01 January 2008

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Braveheart Investment Group, Siemens Technology Accelerator (STA) and Scottish Enterprise have completed a £2m co-investment into infrared sensor development startup Pyreos Ltd. The deal was sourced through STA, a subsidiary of Siemens AG that commercialises technologies which are not adequately exploited in-house, which set up the company in July 2007 to commercially exploit new patented IP technology relating to infrared sensor materials. The new investors were attracted to the deal by the quality of the technology, which is well protected by the strong patents Siemens has secured, significantly reducing the risk that is usually associated with new technology businesses. The new capital will be used to continue the development of the company’s first product, particularly through the purchase of capital equipment for prototyping. Further funding rounds are likely to be required in the future to enable the roll out of the product and facilitate future developments.

Company

Pyreos has been created to design and manufacture sensor arrays for motion detection, infrared camera and spectrospy products. The company, which is based in Edinburgh, has an IP transfer agreement in place with STA that will see the transfer of the technology take place over the next year.

People

Carolyn Smith led the investment for Braveheart.

Advisers

Equity - DLA Piper, (Legal)Equity - Maclay Murray & Spens, (Legal)Equity - MBM Commercial, (Legal)

Sourced from: UK & Ireland unquote" 361 (Jan 2008)