Investment in Pyreos Limited

RNS Number : 6686A

Braveheart Investment Group plc

04 February 2011

 



4 February 2011

Braveheart Investment Group plc

Investment in Pyreos Limited

Braveheart Investment Group (AIM: BRH) ('Braveheart' or the 'Group'), the AIM-listed specialist in growth capital investments for business angels, high net worth individuals and family offices, has made a further investment into its portfolio company Pyreos Limited ('Pyreos' or the 'Company').

The funding was provided in two closes totalling c£2 million. The first close completed in April 2010 and investors in the second close included Braveheart clients, Siemens Technology Accelerator, Scottish Enterprise's Venture Fund and Seraphim Capital.

Pyreos supplies advanced infrared sensor components for industrial applications such as motion and occupancy detection, gas sensing, spectroscopy and energy management.  The Company was formed in July 2007 to exploit technology developed at Siemens AG. Braveheart first invested in Pyreos in December 2007, and made a follow-on investment in June 2009.

Pyreos has continued to develop the core technology and the Company's IP, developing a range of products that offer compelling advantages to customers in terms of cost, performance and form factor. The Company is now well placed to take advantage of a growing market, and this is evidenced by long term commitments from two international customers in a strong pipeline of more than 100 prospects.

The Company's Board has been strengthened recently with the introduction of a seasoned Chairman, Tony Lear, an accomplished international executive with 40 years' experience in the electronics and semiconductor industries gained from successful careers with three multinational corporations - Texas Instruments, Philips, and Fairchild Semiconductor Corporation (NYSE: FCS) where he currently sits on the Board. 

The proceeds of the financing will be used for working capital with particular emphasis on operational and sales and marketing capabilities to support a growing international customer base.

Commenting on the investment, Jeff Wright, CEO, Pyreos, said: "We are pleased to have the continued support of our shareholders which is a reflection of the excitement our infrared sensor products have created in their respective markets. It is great to see our products being used by customers in applications as diverse as medical diagnostics, renewable energy, fire and gas detection, as well as new opportunities such as mobile phone gesture control and gaming. We are also excited to be adding a Chairman of Tony Lear's stature, as we grow our company into a global leader in infrared sensor components."

Geoffrey Thomson, Chief Executive of Braveheart, added: "This further investment in Pyreos underlines our strategy of supporting innovative, fast growth British companies through effective, tax efficient investment processes."

For further information please visit:

www.braveheartinvestmentgroup.co.uk

www.pyreos.com

Or contact:

Braveheart Investment Group plc	Seymour Pierce
Geoffrey Thomson, Chief Executive Tel: [phone] [e-mail]	John Cowie (Nominated Adviser) Jeremy Stephenson, Paul Jewell (Corporate Broking) Tel: [phone]
Pyreos Limited	Media inquiries
Jeff Wright, CEO Tel:  [phone] [e-mail]	Allerton Communications (for Braveheart) Peter Curtain Tel: [phone] [e-mail]

Notes to editors

Braveheart Investment Group makes and manages investments in young, emerging British companies, specialising in building tax-efficient portfolios for business angels, high net worth individuals and family offices. Braveheart was founded in 1997 by a small group of investors to encourage and syndicate investments in privately held companies that offered opportunities for significant growth. Fourteen years on, Braveheart is a public company with a demonstrable track record in early-stage technology investing, an established client base and offices in Perth, London and Yorkshire.

Investments are made in unlisted companies where there is potential for significant growth through successful commercialisation of IP. Through close relationships with leading universities and innovation centres, Braveheart has access to a wide variety of emerging commercial opportunities at early stages. There are currently some 45 companies in Braveheart's diverse portfolio (includes all companies where the Group has a financial interest) and it has completed more than 100 deals.

Following the 2010 acquisition of Envestors Ltd, the London based specialist corporate finance advisory business, Braveheart has greater geographical reach and offers a unique and comprehensive suite of tax-efficient products to high-net-worth investors.  

 

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