PYREOS hopes to build on its success in export markets with a range of new sensors that can help manage queues of people and smart homes.
The Edinburgh-based technology firm sees scope to win a significant share of multi-million dollar global markets with products that can use infra-red motion sensoring to automate tasks such as counting the number of passers by and turning lights on and off.
The company has beefed up its board ahead of a push for growth in key markets such as China and the USA with the appointment of electronics industry veteran Tony Lear as a non-executive director.
Mr Lear has held a series of senior posts in the semi-conductor industry, with which Pyreos does much of its business.
The company supplies sensors that can detect flames and gas, which are used by Samsung in its huge semi-conductor manufacturing operation in Korea.
Pyreos also employs semi-conductor firms to complete standardised elements of the sensor manufacturing process. The company, which was spun-out of the Siemens electronics group, completes more specialist work itself.
Noting that Pyreos already wins more than half its business overseas, chief executive Andrew Wallace said he sees potential to increase sales significantly.
The company’s hefty investment in research and development has helped it add a range of products this year to its historic core offering of flame and gas sensors.
“Core continuing products are growing nicely and we have launched quite a few products,” said Mr Wallace.
Pyreos recently introduced a sensor that can be used to turn lights on when people walk past, aimed at manufacturers.
Other additions include sensors that can be incorporated in spectrometers used to monitor the quality of liquids such as oil.
More products are in the pipeline.
With £0.5 million turnover in 2014, Pyreos remains a relatively small business.
However, Mr Wallace noted that experienced investors have shown significant faith in its potential. The company raised a further £2.5m in March. Major investors including the Scottish Investment Bank, Perth-based Braveheart, Siemens Technology Accelerator, and Robert Bosch Venture Capital provided further funding.
The Scottish Investment Bank nominated Mr Lear for his second spell on the board. Mr Lear was chairman and independent director between 2010 and 2012.
“I’m excited about returning to the board of Pyreos to support the latest step in the company’s development,” said Mr Lear, who is on the board of Fairchild Semiconductor in the USA. He added that Pyreos is the world’s only volume supplier of the kind of sensors it develops.
Philipp Rose, a managing director at Robert Bosch Venture Capital, has joined the Pyreos board as a representative of the German investor.
Mr Wallace said the latest funding round and the addition of high profile and respected non-executive directors showed shareholders saw very exciting opportunities at Pyreos.
Chaired by Howard Ford, Pyreos has around 30 employees currently and is based at the Scottish Microelectronics Centre. It is looking to recruit six staff to support growth.
Mr Wallace said he was pleased the company could draw on a strong pool of skilled labour in central Scotland thanks to the strength of local universities in technology sectors.
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