Archangel Investors, the prominent business angel investment syndicate, announces today (25th April, 2016) the completion of an initial £1.2 million round of fundraising for Optoscribe, a Livingston-based optical technology business.
The fundraising was led by Archangels, who provided £825,000 of funding, supported by Par Equity, the Edinburgh venture capital firm, with £325,000 of investment, and Scottish Investment Bank (SIB) who invested £50,000.
Optoscribe was founded in 2010 as a spin out business from Heriot Watt University and has developed unique technology for use inside communications systems for the data communications, telecoms and mobile phone markets. This potentially disruptive technology enables Optoscribe to produce high performance glass products that connect optical fibres with arrays of emitters or receivers where space is limited and high bandwidth connectivity is essential.
Optoscribe already has development contracts with a range of well-known technology companies and supplies its products worldwide to these companies for research and development purposes. The newly invested funds will be used by Optoscribe to invest in manufacturing facilities to allow it to scale the business and capitalise on the opportunities for its technology, with a particular focus on its FCX product line that is targeted at the data communications market.
Nicholas Psaila, CEO of Optoscribe, 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.”
David Ovens, Chief Operating Officer at Archangels, 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.”
Robert Higginson of Par Equity said:
“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.”