Business
Investment in Pyreos Limited
Investment in Pyreos Limited.
About this update from Truetide Plc
[{"type":"text","content":"\n RNS Number : 6686A Braveheart Investment Group plc 04 February 2011 \n \n\n4 February 2011\n \nBraveheart Investment Group plc\n \nInvestment in Pyreos Limited\n \nBraveheart Investment Group (AIM: BRH) ('Braveheart' or the 'Group'), the AIM-listed specialist in growth capital investments for business angels, high net worth individuals and family offices, has made a further investment into its portfolio company Pyreos Limited ('Pyreos' or the 'Company'). \n \nThe funding was provided in two closes totalling c£2 million. The first close completed in April 2010 and investors in the second close included Braveheart clients, Siemens Technology Accelerator, Scottish Enterprise's Venture Fund and Seraphim Capital. \n \nPyreos supplies advanced infrared sensor components for industrial applications such as motion and occupancy detection, gas sensing, spectroscopy and energy management. The Company was formed in July 2007 to exploit technology developed at Siemens AG. Braveheart first invested in Pyreos in December 2007, and made a follow-on investment in June 2009. \n \nPyreos has continued to develop the core technology and the Company's IP, developing a range of products that offer compelling advantages to customers in terms of cost, performance and form factor. The Company is now well placed to take advantage of a growing market, and this is evidenced by long term commitments from two international customers in a strong pipeline of more than 100 prospects.\n \nThe Company's Board has been strengthened recently with the introduction of a seasoned Chairman, Tony Lear, an accomplished international executive with 40 years' experience in the electronics and semiconductor industries gained from successful careers with three multinational corporations - Texas Instruments, Philips, and Fairchild Semiconductor Corporation (NYSE: FCS) where he currently sits on the Board. \n \nThe proceeds of the financing will be used for working capital with particular emphasis on operational and sales and marketing capabilities to support a growing international customer base.\n \nCommenting on the investment, Jeff Wright, CEO, Pyreos, said: \"We are pleased to have the continued support of our shareholders which is a reflection of the excitement our infrared sensor products have created in...