Follow-on investment in Pyreo

RNS Number : 6180U

Braveheart Investment Group plc

29 June 2009

 



Braveheart Investment Group plc

('Braveheart' or 'the Group')

Follow-on Investment in Pyreos

Braveheart (AIM: BRH), the technology commercialisation and investment management company, announces that it has made a follow on investment in Pyreos Ltd ('the Company'). Investors in the approximately £1 million funding round included Braveheart and its clients, Scottish Enterprise via the Scottish Venture Fund and Siemens Technology Accelerator GmbH. Braveheart first invested in Pyreos in December 2007, co-leading a £2 million financing.

Pyreos, which is based in Edinburgh, was formed in July 2007 to exploit technology and IP acquired from Siemens AG. The Company has rapidly developed a range of products based on its patented thin film pyroelectric ceramic infrared ('IR') sensor technology for markets including IR spectroscopy, gas and flame detection and motion sensors. Pyreos recently announced that it had received first orders and signed long term supply agreements with two customers. The Company has experienced global interest in its products and aims to become a leading supplier of IR sensor components.

Pyreos has set up an outsourced production supply chain, having successfully transferred technology and wafer scale processes from Siemens Corporate Technology Labs.  The Company's technology and products are unique and protected by a strong IP portfolio with key patents already granted in Europe, USA, and Korea, and further patent applications pending. 

Commenting, Chief Executive of Braveheart, Geoffrey Thomson, said, 'We are pleased to be supporting another of our existing portfolio companies with additional funding.  Pyreos has made good progress since our initial funding in 2007 and this follow on investment will allow them to take the next important steps towards commercialisation.' 

Jeff Wright, Chief Executive, of Pyreos added, 'We are delighted to receive further support from Braveheart, Siemens and Scottish Enterprise, demonstrating their faith in both the technology we have developed and our ability to commercialise it. We have made good commercial and technical progress so far and now seek to capitalise on that progress with the new funding, which should enable us to move into operational supply of products to our customers.'

Christian Wiesinger, CFO of Siemens Technology Accelerator said, 'The way in which leading infrared companies have embraced Pyreos's technology is impressive and extremely encouraging, as is the speed at which the Company has secured first orders'

For further information please visit www.braveheart-ventures.co.uk and www.pyreos.com or contact:

Braveheart Investment Group	Tavistock Communications (for Braveheart)
Geoffrey Thomson, Chief Executive	Simon Hudson / James Midmer
Tel: [phone]	Tel: [phone]
[e-mail]	[e-mail]
Pyreos Ltd	Seymour Pierce Limited
Jeff Wright, CEO	(Nominated Advisers to Braveheart)
Tel: [phone]	Richard Feigen/Catherine Leftley
[e-mail]	Tel: [phone]
Siemens Technology Accelerator GmbH
Christian Wiesinger, CFO
Tel: [phone]
[e-mail]

Notes to Editors

Braveheart

Braveheart Investment Group is a technology commercialisation and investment management company based in Perth, Scotland. Since its formation in 1997 it has made the transition from start-up angel syndicate to fully listed company. Braveheart's shares listed on AIM in March 2007.

Investments are made in young, emerging, unlisted companies where there is potential for significant growth through successful commercialisation of IP and Braveheart enjoys close relationships with several universities to identify emerging technologies. Investments are predominantly technology-focused; however the Group also maintains limited exposure to more traditional businesses.

Braveheart's diverse portfolio currently comprises over 30 companies and it has completed over 80 deals in its eleven year history, including six IPOs, three trade sales and eight write-offs and has an exit IRR of 33%.

At the 2008 Ernst & Young Entrepreneur of The Year Awards (Scotland) Braveheart CEO Geoffrey Thomson was given a special award recognising his contribution and support of emerging technology businesses in Scotland over the past decade.

On 8 June 2009 the Group announced the acquisition of Inkopo Limited. This acquisition, based principally on an earn-out consideration, gives the Group an established presence in Yorkshire, an additional revenue stream and further complementary income from investment facilitation and management activities.

Siemens Technology Accelerator (STA)

STA is a corporate venturing activity of Siemens AG with the focus on external commercialization of innovative technologies of Siemens which are not turned into products within Siemens itself. Routes to commercialization are spin-off, licensing or sale. STA is a fully owned subsidiary of Siemens AG, a leading global electronics and engineering company with headquarters in Munich, Germany.  Further information is available at www.siemens.com/sta

Pyreos

Pyreos was founded by Edinburgh based entrepreneurs Jeff Wright, Scott Freeborn, and Carsten Giebeler and Siemens Technology Accelerator in July 2007, to take advantage of the growing opportunity for advanced infrared sensor products, in environmental and security related markets and products. The Company aims to become a leading global supplier of infrared sensor components based on the unique and patented thin-film pyroelectric infrared technology that was acquired from Siemens. 

The Company's products are produced using semiconductor processes and can add value to a range of products including motion detectors; those used for reducing energy consumption; gas detectors and flame detectors; those used for improving industrial safety; and infrared spectroscopy. IR spectroscopy can be used in a wide range of applications including portable personal medical devices; laser calibration; homeland security and; petrochemical, pharmaceutical, food and environmental analysis. The Company is based at the Scottish Microelectronics Centre in Edinburgh and has a number of development and manufacturing partners within the UK and Europe helping bring its products to market. For further information and stock images please contact Jeff Wright. 

 

END

 

 

MSCFFMITMMATBPL