M Squared was crowned winner of the highly prestigious Samsung Innovation Award on Tuesday night at the Lloyds Bank National Business Awards.

“M Squared stood out as a business that not only had innovation as part of its DNA, but one which really built commercial success around this approach,” read a statement from the judges.

“In a highly scientific field, they really understood that the technology really had to stand as marketable product,” the statement added. “To support this they have also developed a highly collaborative approach with not just interested parties, but also their staff and customers.”

Part of The National Business Awards, the Samsung Innovation Award is awarded to the UK’s most innovative and competitive fast-growth businesses. A National Business Award is the highest recognition for independent businesses in the UK, rewarding independent British businesses on excellence, innovation and ethical business.

The award is the latest recognition of M Squared’s achievements, with the business also winning the prestigious Queen’s Awards for Enterprise (Innovation) this year along with a place in The Leap 100, The Sunday Times Tech Track 100 and Bloomberg Business Innovators.

Image 2 - Dr Graeme Malcolm OBE

Sally Wright, Samsung IM Enterprise Marketing Director said:

“Congratulations to M Squared, who fully deserve to win this prestigious award for showing incredible innovation to produce products that have the ability to change lives. I was particularly impressed with M Squared’s drive to create life-changing technology by forming strong partnerships and collaborating closely with other institutions and industries. It’s also great to see a company continually developing and improving their products based on their customers’ feedback.” 

Over 1200 business leaders, entrepreneurs, politicians and media representatives gathered at the Grosvenor House Hotel for the fifteenth annual National Business Awards, and together celebrated the Best of British Ambition. The Awards were presented by BBC Breakfast's Louise Minchin and welcomed Lord William Hague as headline speaker.

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Sir James Dyson was awarded with The Lloyds Bank Excellence in Business Award, which is the highest accolade of the night.

Nina Wright, Managing Director of UBM EMEA Built Environment, said:

“Another fabulous ceremony celebrating the best of British ambition. The Lloyds Bank National Business Awards are the UK’s most recognised business accolade, a chance for these flourishing companies to celebrate their achievements in the diverse company of others recognised for high performance. Congratulations to all of our finalists and of course, the 2016 winners.”

Earlier this year, M Squared was among a number of businesses to receive investment from the Business Growth Fund to expand their international business and invest in R&D.

Founded by Dr Graeme Malcolm OBE and Dr Gareth Maker, M Squared is one of the UK’s fastest-growing technology companies. It produces highly innovative laser products that allow the world’s best scientists to do everything from treating cancer and developing regenerative medicines, to detecting chemical warfare agents and teleporting information.

The business has released a number of impressive new technologies this year, including the UK’s first commercial atom interferometer, a laser tool for making precise measurements of gravitational acceleration.

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*2016 National Business Award Winners:

The Lloyds Bank New Business of the year: BOL Foods (Powder Bowl Trading Limited)

The Duke of York Award for University Entrepreneurship: Anglia Ruskin University

The Vonage Business Enabler of the year:  wnDirect 

The Smith & Williamson Scale-Up Business of the year: OVO Energy

The Inflexion Entrepreneur of the year: Frank Hester OBE, TPP

The QBE New Exporter of the year, in association with Exporting is GREAT: Craft Yourself Silly 

The Amazon Digital Business of the year: FanDuel

The Lloyds Bank Positive Social Impact Award:

The KPMG Customer Focus Award: DPD UK

The Grichan Partnerships Sustainable Business Award: Orkney Fisherman’s Society

The Duke of York New Entrepreneur of the year: Jeff Paterson and Oliver Du Toit, Fourex

The Samsung Innovation Award: M Squared

The Business Award for Arts and Creative Services: Wales Millennium Centre

The Howard Kennedy Employer of the year: Luminus Group  

The Lloyds Bank Small to Medium-Sized Business of the year: handmade burger Co.

The Lloyds Bank Mid-Market Business of the year: Hotel Chocolat

The Excellence in Business award: Sir James Dyson, Dyson Ltd.

The Ashridge Executive Education Leader of the year: Rooney Anand, Chief Executive, Greene King