FOUR Scottish growth companies have secured £3.9 million of investment from Scottish business angel syndicate Archangels and Scottish Enterprise’s investment arm, the Scottish Investment Bank.
Blackford Analysis, Fios Genomics, PowerPhotonic and Administrate will use the funding to further their growth through such areas as research and development, product development and sales and marketing.
“The companies who have received funding in these latest rounds are each Scottish success stories in their own right – selling their ideas, products and expertise around the world – and we are proud to have them in our portfolio of exciting Scottish businesses,” said Archangels investment director Niki McKenzie.
Based at Edinburgh’s Royal Observatory, Blackford Analysis produces information systems that help clinicians compare multiple images in medical disciplines such as radiology. Blackford will use the £648,000 it received to extend its team in commercial and product development, creating a further 10 jobs over the next year.
Edinburgh-based Fios Genomics turns high dimension, high volume data into usable information for clients across the pharmaceuticals, biotech and academic sectors. Fios received £550,000, including investments from Borders-based angel network TRI Cap and its own directors, and will use this to invest in its IT infrastructure and the creation of five new roles in quality assurance, project management and marketing.
PowerPhotonic, based in Dalgety Bay, designs, manufactures and supplies high value optics that manipulate the light from lasers for customers in a range of sectors from defence to medicine. It will use the second £1m tranche of a £2m investment round from Archangels and SIB last year to upscale its business development and manufacturing capacity, creating up to eight jobs this year.
Administrate, based in Edinburgh, specialises in software that automates the administrative burden for training providers. One of Scotland’s fastest growing tech companies currently, it has received a further £1.7m of investment.
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