Archangels, the Scottish-based business angel investing syndicate, and Scottish Investment Bank (SIB) have committed to four further rounds of investment support for expanding Scottish businesses with additional funding totalling £3.9m.
The additional cash will be used by Blackford Analysis, Fios Genomics, PowerPhotonic and Administrate to fund further growth through such areas as research & development, product development, sales and marketing.
Archangels, based in Edinburgh, has been at the forefront of early stage business angel investing in Scotland for more than two decades.
Niki McKenzie, Investment Director at Archangels, said:
“As investors, we know that it’s just as important for Archangels to provide ongoing growth capital as it is to find and invest in start-up companies in the first place. 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.”
Kerry Sharp, Head of Scottish Investment Bank, said:
“The Scottish Enterprise Co-Investment model allows us to invest alongside Archangels into Scottish companies that are at the forefront of bringing exciting new innovations to the market. In addition to SIB co-investment, these companies also work with Scottish Enterprise, helping them to build on their international growth success to date. All four companies are great examples of the quality of investment opportunities in Scotland and the ability of Scottish companies to compete on the international stage.”
Based at the Royal Observatory in Edinburgh, Blackford Analysis produces information systems that help clinicians to compare multiple images in medical disciplines such as radiology, saving time and improving communication, productivity and efficiency. Blackford received £648,000 of additional investment and will use the funds to extend its team in commercial and product development, creating a further 10 jobs over the next year.
Ben Panter, CEO of Blackford Analysis, said:
“We have a strong core business in radiology and this investment enables us to extend our capabilities to enhance imaging in other clinical areas such as ophthalmology, dermatology and oncology.”
Edinburgh-based Fios Genomics is a bioinformatics service provider that turns high dimension, high volume data into usable information for clients across the pharmaceuticals, biotech and academic sectors. Fios will use the £550,000 of additional investment from Archangels, SIB, TRI Cap and its own directors to fund investment in its IT infrastructure and the creation of an additional five roles in its quality assurance, project management and marketing functions.
CEO of Fios Genomics, Dr Sarah Lynagh, said:
“We already work with eight of the world’s top 10 Pharma companies and this investment is all about funding for growth as we move towards consistent profitability. Our shareholders have been very supportive, taking the long-term view and supporting the business from early stage through to the success story that Fios is today.”
From its Dalgety Bay base, PowerPhotonic designs, manufactures and supplies high value optics that manipulate the light from lasers for customers in a range of sectors from defence to the medical sector. It will use the second £1m tranche of a £2m of investment round from Archangels and SIB last year to upscale its business development and manufacturing capacity, creating up to eight further jobs this year.
Dr Roy McBride, CEO of PowerPhotonic, said:
“PowerPhotonic has entered a high growth phase and this second tranche of funding will enable us to further accelerate our expansion. Archangels and SIB have been with us from the start and I see them very much as partners, investing not just cash but the experience and connections from the Archangels network.”
Administrate is based in Edinburgh and provides online training management software that automates the workflow required to deliver education. As previously announced, in this most recent funding round, the company has received a further £1.7m of investment, and is one of the fastest growing tech companies in Scotland.
John Peebles, Chief Executive of Administrate, said:
“I’m really proud of the amazing team we’ve built here at Administrate, and that team of course includes our investors. Together we share a vision of building an incredible company that makes our customers successful and is a place where staff can come to work, learn and grow. It’s an incredible thing to know that we’re helping deliver education to millions around the world, and we’re just getting started!”