ENDINBURGH: Optoscribe, a spin-out from Edinburgh’s Heriot-Watt University that specialises in fibre optic communications, has raised £1.2 million to ramp up its headcount and manufacturing capabilities.
The oversubscribed funding round was led by business angel investment syndicate Archangels, which provided £825,000, supported by £325,000 from Edinburgh venture capital firm Par Equity, and £50,000 from the Scottish Investment Bank.
Archangels chief operating officer David Ovens said: “Supporting Scottish businesses to generate economic growth, innovate and create high-value, sustainable jobs is what Archangels is all about.
“Optoscribe is an impressive business with innovative technology that has the potential to disrupt the market in which it is used and underline Scotland’s reputation in technological development. Our members were clearly impressed by Optoscribe’s potential as this fundraising round was significantly oversubscribed and we look forward to supporting the business further as it grows.”
Founded in 2010 as a spin-out from Heriot-Watt, Livingston-based Optoscribe has developed unique technology for use inside communications systems for the data, telecoms and mobile phone markets. Its high-performance glass products connect optical fibres with arrays of emitters or receivers where space is limited and high bandwidth connectivity is essential.
The firm will invest its fresh funding in manufacturing facilities to allow it to scale the business and capitalise on opportunities for its technology, with a particular focus on its FCX (Fiber Coupled InterconneX) product line, targeted at the data communications market.
Chief executive Nicholas Psaila said: “This investment round will enable a significant transformation of Optoscribe, allowing the company to substantially increase its capabilities through hiring further experienced staff and expanding our manufacturing facilities.
“The investment is a tremendous boost to the company, and we are excited to be embarking on a new phase of growth.”
Robert Higginson of Par Equity added: “Optoscribe is selling into a very large and fast-growing market, and one which is quick to adopt new technologies that reduce costs or increase capacity.
“Although Optoscribe is still a young company, the route to commercialisation in its sector is accelerated by strong customer pull for technological progress. When combined with the development agreements the company has with banner names in its industry and the quality of the people involved, we are excited to play a part in the company’s future.”