A Siemens spin-out business based in Edinburgh has secured investment support from the technology company’s own accelerator as well as Robert Bosch Venture Capital and Seraphim Capital.
Ultra-low power infrared technology business Pyreos is charged for growth following a second funding round inside three years.
A $4 million (£2.5 million) transaction has attracted contributions from Siemens Technology Accelerator, in-part due to the fact that Pyreos is a Siemens spin-out, as well as the Scottish Investment Bank.
The company’s infrared sensors are currently being used by manufacturers of smartphones and tablets for functions such as long-range gesture, presence detection and wake-up features.
Previous funding rounds closed by Pyreos were worth $460,000, $3.2 million, $5 million and $8.5 million.
Other institutional support in the new $4 million round has come from Robert Bosch Venture Capital, the corporate venture arm of electronics business Bosch. The fund invests in companies of al stages of development which are operating in areas of current and future relevance to Bosch.
Claus Schmidt, managing director of Robert Bosch Venture Capital, says, ‘Reducing power consumption by the magnitude achieved by Pyreos creates massive potential in mobile and handheld applications across both consumer and industrial markets.
‘The new investment will fund growth in the team to enlarge its already established international customer base.’
Founded in 2007 with the help of Siemens Technology Accelerator, Braveheart and Scottish Enterprise, Pyreos has built up an international investor base also including Mitsubishi‐UFJ of Japan.