Tuneable laser spinout Chromacity secures $770,000 in funding to help it increase its development and commercialise its product.
Chromacity, a spinout from Heriot-Watt University developing tuneable lasers, has raised more than £520,000 ($770,000) from a consortium of investors.
EOS Technology Investment Syndicate led the round which also included Kelvin Capital, Investing Women Angels and Scottish Investment Bank, the investment arm of Scottish Enterprise, a non-departmental public body created by the Scottish government.
Chromacity provides lasers that can be tuned to different applications through a web interface accessible through computers or smart devices. The lasers can be used in both industrial and scientific applications.
The funding will go towards increasing development capacity aweirnd commercialising the technology for more applications.
Christopher Leburn, managing director of Chromacity, said: “We are about to launch a new product to the market and the confidence of the investors in the company, as well of course as the funding itself, is a tremendous boost to Chromacity as it enters this extremely exciting phase of its development.”
Kerry Sharp, head of Scottish Investment Bank, said: “Chromacity is the type of highly innovative technology company that we want to see growing in Scotland.
“This investment will help the company expand its product range and ultimately achieve its growth and export ambitions. It will also further strengthen Scotland’s photonics sector which continues to garner international respect and recognition.”
