The fundraising was led by Archangels, who provided £825,000 of funding, supported by Par Equity, the Edinburgh venture capital fund, with £325,000 of investment, and Scottish Investment Bank (SIB) who invested £50,000.
Optoscribe was founded in 2010 as a spin out business from Heriot Watt University in Edinburgh, Scotland, and has developed unique 3D photonic components for use inside communications systems in the datacoms, telecoms and mobile phone markets. The technology enables Optoscribe to produce high performance products that connect optical fibres with arrays of emitters or receivers where space is limited and high bandwidth connectivity is essential.
Optoscribe already has development contracts with a range of well-known technology companies and supplies its products worldwide to these companies for research and development purposes. The newly invested funds will be used by Optoscribe to invest in manufacturing facilities to allow it to scale the business and capitalise on the opportunities for its technology, with a particular focus on its FCX product line that is targeted at the data communications market.
Nicholas Psaila, CEO of Optoscribe, said: “This investment round will enable a significant transformation of Optoscribe, allowing the company to substantially increase its capabilities through hiring further experienced staff and an expansion to its manufacturing facilities. The investment is a tremendous boost to the company, and we are excited to be embarking on a new phase of growth.”
Archangels is a prominent business angel syndicate which has been at the forefront of early stage investing in Scotland for more than two decades. Its members invest in, and mentor, promising start-up and early stage companies from Scotland’s vibrant technology and life sciences sectors. Originally formed in 1992 and based in Edinburgh, the syndicate now comprises over 70 investor members and leads investment of around £10m per year in early stage Scottish companies, including leverage from partners, the largest being the Scottish Investment Bank.
By Per Danielsen