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."