Ascendant Corporate Finance (“Ascendant”), the technology focussed corporate finance boutique, is pleased to announce that its client Pyreos Limited (“Pyreos” or the “Company”) – the Edinburgh-based passive infrared sensor developer and maker – has secured multi £millions of funding during 2017 from a syndicate of new investors led by Jon Moulton’s family office, Perscitus, as well a significant investment from existing shareholders. The funds will be used for further commercial expansion building on Pyreos’ recent sales growth and the start of field trials and mass-production by several customers. Ascendant provided corporate finance advice to Pyreos as well as introducing the Company to a number of new potential investors.
Pyreos is the only supplier in the world of thin film pyroelectric sensors. These are used for passively sensing infra-red light and are typically very small, fast, sensitive, energy efficient and accurate. The sensors are primarily used for gas and flame sensing, food safety, and for monitoring oil and fuel in engines. These growth markets have a combined accessible value estimated at $1.2bn a year in 2018. Pyreos’ unique technology was originally developed by Siemens, from which Pyreos was spun out in 2007. Pyreos now owns an extensive patent portfolio reflecting its innovative approach.
Andy Laing, Chief Financial Officer at Pyreos, said: “We’re delighted to welcome a new set of professional investors with the appetite to support further growth and product development. This funding sets the basis for more ambitious product development in the future. Ascendant worked with us throughout the deal – from preparation, drafting of marketing documents, introducing us to a wide range of potential investors and providing timely advice on all the key elements of the various steps and stages of our fund raising efforts last year . We look forward to working with them again.”
Stuart McKnight, Managing Director of Ascendant, said “Pyreos has been transformed over the last 2 years by a new management team, and with this latest funding the company is set for rapid growth. Our research has highlighted the persistent drift of investors interests towards internet service and digital media companies over the last 5 years, so the success of the team in attracting new investors reflects the real strength of the Pyreos’ proposition.”
Ascendant Corporate Finance specialises in advisory services for growing technology and life science businesses. With a wealth of experienced staff, Ascendant provides a wide range of services including advice on fund raising, mergers, acquisitions, disposals, exit planning and MBOs. For further details, see www.ascendant.co.uk or contact:
Stuart McKnight – Managing Director +44 (0)20 7993 8700
or via firstname.lastname@example.org
Pyreos develops and supplies a specialised infra-red (“IR”) sensor platform. Based in Edinburgh, it produces tiny, high performance sensors working in the mid-IR spectrum that are able to identify many gases, liquids and solids. It has productionised a miniaturised, fast, sensitive and rugged semiconductor-scale pyroelectric technology. It focuses on three markets – gas detection/analysis, food safety and fuel/oil condition monitoring which are worth over $1.2bn. For further details, see www.pyreos.com.