PowerPhotonics, a Heriot-Watt spinout that commercialises research from the Institute of Photonics and Quantum Sciences, has raised £2m ($3m) in funding.
The investment comes from UK-based angel network Archangels and the Scottish Investment Bank. In September 2012 the company raised an undisclosed amount of funding from UK-based angel group Archangel Informal Investment, venture capital firm TRI-Cap and Scottish Enterprise’s Scottish Seed Fund.
It also raised $979,000 in January 2008 from Archangel Informal Investments and TRI-Cap. Roy McBride, chief executive of PowerPhotonic, said: “We’ve already proved that we can produce the highest quality optics for laser applications in a number of sectors here in Europe, in the US and in Asia Pacific. This new investment in the business will accelerate our growth plans, allowing us to take on additional staff to expand our product development, manufacturing and sales activities.”
PowerPhotonics plans to use the funding to increase its product development, manufacturing, sales and marketing.
The company is also looking to expand its optic manufacturing to target the telecommunication and industrial materials processing markets.
