M Squared Lasers Secures Investment for Growth
Business Growth Fund (BGF) today announced its
investment of £3.85 million of growth capital in Glasgow based
technology business, M Squared Lasers. BGF will take a
minority stake in the business and will join the existing
board.
BGF's £3.85 million equity investment will fund the
company's research and development programme as well as its
commercial growth. Dr Graeme Malcolm, co-founder and CEO of M
Squared Lasers, commented:
"We are seeing considerable expansion in the
potential applications for lasers, not least in the defense and
medical industries where detection capability is critically
important.
"For us this offers real growth
potential. BGF's investment will allow us to further develop
our laser technology and fund our sales and marketing
efforts. In particular, we are looking at new market
opportunities in remote sensing, and will specifically focus on
developing our Firefly laser product, which has a clear application
for the security and defence, oil and gas, and food and drink
industries."
Duncan Macrae, Edinburgh based Investment Director at
BGF, commented:
"M Squared's laser technology represents a genuine
step change. Its products are smaller than others on the
market, can be calibrated in minutes rather than hours and can be
maintained and upgraded remotely via a web browser. Customer
referencing has been overwhelmingly positive and we are very
pleased to be backing such an innovative Scottish business and a
first class management team."