Dundee University spin-out M-Squared Lasers is planning for a period of accelerated growth after securing £3.25m ($5m) in financial support.
The Scotland-based firm secured a £2.5m funding package from Barclays bank, and an additional £750,000 from the Business Growth Fund (BGF) – an investment vehicle backed by six of the UK’s largest banks with £2.5bn in backing.
The firm previously raised £3.85m in 2012 in a round backed by BGF, and a further £1.2m later the same year from the European Commission’s FP7 investment programme.
The company is developing next-generation lasers and photonic instruments which could be deployed in a number of settings, including oil and gas exploration, cancer detection, and scanning for explosives. One particular area of interest to the firm is the area of quantum technology which is being used for the next generation of electronics and computers.
M-Squared co-founder Dr Graeme Malcolm said: “We’ve been expanding our export business for some time and have been making great headway in world markets. This latest investment will provide important support as we continue to pursue our ambitious growth objectives. Our US business has been growing strongly, with revenues doubling in 2014 as a result of rising demand for laser systems in areas such as quantum technologies.”
