The money comes from a syndicate of new investors led by UK venture capitalist Jon Moulton. Pyreos said the money would be used for commercial expansion and the start of field trials and mass production by several customers.
Pyreos thin-film infrared sensor is used primarily for gas and flame sensing, food safety and oil and fuel monitoring in engines.
The latest investment brings the total raised by Pyreos since 2015 to almost £7 million (about $10 million). Existing shareholders include Seraphim Capital, London Business Angels, Robert Bosch Venture Capital GmbH, the Scottish Investment Bank and Siemens Technology Accelerator.
Late in 2017 Pyreos was awarded a £1.0 million (about $1.4 million) innovation grant from Innovate UK to help it develop a next generation of thin-film pyroelectric infrared sensors.
The grant-supported project includes Imperial College and an Oxford company that produces modular physical vapour deposition equipment. The aim is to advance the general understanding and technology surrounding thin film pyroelectric oxides, piezoelectric and ferroelectric oxides, with a view to further enhancing product uniformity, repeatability and stability.
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