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…