Business
Follow-on investment in Pyreo
Follow-on investment in Pyreo.
About this update from Truetide Plc
[{"type":"text","content":"\n RNS Number : 6180U Braveheart Investment Group plc 29 June 2009 \n \nBraveheart Investment Group plc\n('Braveheart' or 'the Group')\n\nFollow-on Investment in Pyreos\n\nBraveheart (AIM: BRH), the technology commercialisation and investment management company, announces that it has made a follow on investment in Pyreos Ltd ('the Company'). Investors in the approximately £1 million funding round included Braveheart and its clients, Scottish Enterprise via the Scottish Venture Fund and Siemens Technology Accelerator GmbH. Braveheart first invested in Pyreos in December 2007, co-leading a £2 million financing.\n\nPyreos, which is based in Edinburgh, was formed in July 2007 to exploit technology and IP acquired from Siemens AG. The Company has rapidly developed a range of products based on its patented thin film pyroelectric ceramic infrared ('IR') sensor technology for markets including IR spectroscopy, gas and flame detection and motion sensors. Pyreos recently announced that it had received first orders and signed long term supply agreements with two customers. The Company has experienced global interest in its products and aims to become a leading supplier of IR sensor components.\n\nPyreos has set up an outsourced production supply chain, having successfully transferred technology and wafer scale processes from Siemens Corporate Technology Labs. The Company's technology and products are unique and protected by a strong IP portfolio with key patents already granted in Europe, USA, and Korea, and further patent applications pending. \n\nCommenting, Chief Executive of Braveheart, Geoffrey Thomson, said, 'We are pleased to be supporting another of our existing portfolio companies with additional funding. 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.' \n\nJeff Wright, Chief Executive, of Pyreos added, 'We are delighted to receive further support from Braveheart, Siemens and Scottish Enterprise, demonstrating their faith in both the technology we have developed and our ability to commercialise it. We have made good commercial and technical progress so far and now seek to cap...