A group of leading Scottish investors has come together to make a £500,000 investment in Chromacity, a Heriot-Watt spin out company which makes lasers for the life-sciences industry and spectroscopy market.
The investment was led by EOS Technology Investment Syndicate, which was joined by business syndicate Kelvin Capital and matched funding from Scottish Enterprise’s investment arm, the Scottish Investment Bank (SIB), through the Scottish Venture Fund. Investing Women Angels, the syndicate of female entrepreneurs, has also contributed to the initial funding round.
The total investment is in excess of £520,000 and provides growth capital for the company to increase its development capacity as it commercialises the technology for a wider range of applications.
Chromacity Managing Director Dr Christopher Leburn said, “We are delighted to have been able to secure this funding package for Chromacity, allowing us to grow the team and ramp up our manufacturing capabilities. We are about to launch a new product to the market and the confidence of the investors in the company, as well of course as the funding itself, is a tremendous boost to Chromacity as it enters this extremely exciting phase of its development.”
Kevin Grainger, co-founder and gatekeeper for EOS, said, “We are delighted to have come together with other likeminded syndicates to put a package together for such an innovative business as Chromacity It is a great example of the Scottish angel ecosystem working closely together to help fund exciting new businesses such as Chromacity.”