Follow-on investment in Pyreos

 

TIDMBRH 
 
RNS Number : 6180U 
Braveheart Investment Group plc 
29 June 2009 
 

Braveheart Investment Group plc 
('Braveheart' or 'the Group') 
 
 
Follow-on Investment in Pyreos 
 
 
Braveheart (AIM: BRH), the technology commercialisation and investment 
management company, announces that it has made a follow on investment in Pyreos 
Ltd ("the Company"). Investors in the approximately GBP1 million funding round 
included Braveheart and its clients, Scottish Enterprise via the Scottish 
Venture Fund and Siemens Technology Accelerator GmbH. Braveheart first invested 
in Pyreos in December 2007, co-leading a GBP2 million financing. 
 
 
Pyreos, which is based in Edinburgh, was formed in July 2007 to exploit 
technology and IP acquired from Siemens AG. The Company has rapidly developed a 
range of products based on its patented thin film pyroelectric ceramic infrared 
('IR') sensor technology for markets including IR spectroscopy, gas and flame 
detection and motion sensors. Pyreos recently announced that it had received 
first orders and signed long term supply agreements with two customers. The 
Company has experienced global interest in its products and aims to become a 
leading supplier of IR sensor components. 
 
 
Pyreos has set up an outsourced production supply chain, having successfully 
transferred technology and wafer scale processes from Siemens Corporate 
Technology Labs.  The Company's technology and products are unique and protected 
by a strong IP portfolio with key patents already granted in Europe, USA, and 
Korea, and further patent applications pending. 
 
 
Commenting, Chief Executive of Braveheart, Geoffrey Thomson, said, "We are 
pleased to be supporting another of our existing portfolio companies with 
additional funding.  Pyreos has made good progress since our initial funding in 
2007 and this follow on investment will allow them to take the next important 
steps towards commercialisation." 
 
 
Jeff Wright, Chief Executive, of Pyreos added, "We are delighted to receive 
further support from Braveheart, Siemens and Scottish Enterprise, demonstrating 
their faith in both the technology we have developed and our ability to 
commercialise it. We have made good commercial and technical progress so far and 
now seek to capitalise on that progress with the new funding, which should 
enable us to move into operational supply of products to our customers." 
 
 
Christian Wiesinger, CFO of Siemens Technology Accelerator said, "The way in 
which leading infrared companies have embraced Pyreos's technology is impressive 
and extremely encouraging, as is the speed at which the Company has secured 
first orders" 
 
 
For further information please visit www.braveheart-ventures.co.uk and 
www.pyreos.com or contact: 
 
 
+--------------------------------------------+--------------------------------+ 
| Braveheart Investment Group                | Tavistock Communications       | 
|                                            | (for Braveheart)               | 
+--------------------------------------------+--------------------------------+ 
| Geoffrey Thomson, Chief Executive          | Simon Hudson / James Midmer    | 
+--------------------------------------------+--------------------------------+ 
| Tel: [phone]                          | Tel: [phone]             | 
+--------------------------------------------+--------------------------------+ 
| [e-mail]         | [e-mail]        | 
+--------------------------------------------+--------------------------------+ 
|                                            |                                | 
+--------------------------------------------+--------------------------------+ 
| Pyreos Ltd                                 | Seymour Pierce Limited         | 
+--------------------------------------------+--------------------------------+ 
| Jeff Wright, CEO                           | (Nominated Advisers to         | 
|                                            | Braveheart)                    | 
+--------------------------------------------+--------------------------------+ 
| Tel: [phone]                         | Richard Feigen/Catherine       | 
|                                            | Leftley                        | 
+--------------------------------------------+--------------------------------+ 
| [e-mail]                     | Tel: [phone]             | 
+--------------------------------------------+--------------------------------+ 
|                                            |                                | 
+--------------------------------------------+--------------------------------+ 
| Siemens Technology Accelerator GmbH        |                                | 
+--------------------------------------------+--------------------------------+ 
| Christian Wiesinger, CFO                   |                                | 
+--------------------------------------------+--------------------------------+ 
| Tel: [phone]                    |                                | 
+--------------------------------------------+--------------------------------+ 
| [e-mail]            |                                | 
+--------------------------------------------+--------------------------------+ 
 
 
Notes to Editors 
 
 
Braveheart 
Braveheart Investment Group is a technology commercialisation and investment 
management company based in Perth, Scotland. Since its formation in 1997 it has 
made the transition from start-up angel syndicate to fully listed company. 
Braveheart's shares listed on AIM in March 2007. 
 
 
Investments are made in young, emerging, unlisted companies where there is 
potential for significant growth through successful commercialisation of IP and 
Braveheart enjoys close relationships with several universities to identify 
emerging technologies. Investments are predominantly technology-focused; however 
the Group also maintains limited exposure to more traditional businesses. 
 
 
Braveheart's diverse portfolio currently comprises over 30 companies and it has 
completed over 80 deals in its eleven year history, including six IPOs, three 
trade sales and eight write-offs and has an exit IRR of 33%. 
 
 
At the 2008 Ernst & Young Entrepreneur of The Year Awards (Scotland) Braveheart 
CEO Geoffrey Thomson was given a special award recognising his contribution and 
support of emerging technology businesses in Scotland over the past decade. 
 
 
On 8 June 2009 the Group announced the acquisition of Inkopo Limited. This 
acquisition, based principally on an earn-out consideration, gives the Group an 
established presence in Yorkshire, an additional revenue stream and further 
complementary income from investment facilitation and management activities. 
 
 
Siemens Technology Accelerator (STA) 
STA is a corporate venturing activity of Siemens AG with the focus on 
external commercialization of innovative technologies of Siemens which are not 
turned into products within Siemens itself. Routes to commercialization are 
spin-off, licensing or sale. STA is a fully owned subsidiary of Siemens AG, a 
leading global electronics and engineering company with headquarters in Munich, 
Germany.  Further information is available at www.siemens.com/sta 
 
 
Pyreos 
Pyreos was founded by Edinburgh based entrepreneurs Jeff Wright, Scott Freeborn, 
and Carsten Giebeler and Siemens Technology Accelerator in July 2007, to take 
advantage of the growing opportunity for advanced infrared sensor products, in 
environmental and security related markets and products. The Company aims to 
become a leading global supplier of infrared sensor components based on the 
unique and patented thin-film pyroelectric infrared technology that was acquired 
from Siemens. 
 
 
The Company's products are produced using semiconductor processes and can add 
value to a range of products including motion detectors; those used for reducing 
energy consumption; gas detectors and flame detectors; those used for improving 
industrial safety; and infrared spectroscopy. IR spectroscopy can be used in a 
wide range of applications including portable personal medical devices; laser 
calibration; homeland security and; petrochemical, pharmaceutical, food and 
environmental analysis. The Company is based at the Scottish Microelectronics 
Centre in Edinburgh and has a number of development and manufacturing partners 
within the UK and Europe helping bring its products to market. For further 
information and stock images please contact Jeff Wright. 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
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