Archangels pump £1.2m into Optoscribe

Archangels pump £1.2m into Optoscribe

Livingston optical technology company Optoscribe has received £1.2m in funding from Archangel Investors as it continues to grow.

The fundraising was led by Archangels, who provided £825,000 of funding, supported by Par Equity, the Edinburgh venture capital firm, 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 and has developed unique technology for use inside communications systems for the data communications, telecoms and mobile phone markets.

David Ovens, chief operating officer at Archangels, said: “Supporting Scottish businesses to generate economic growth, innovate and create high value, sustainable jobs is what Archangels is all about.

“Optoscribe is an impressive business with innovative technology that has the potential to disrupt the market in which it is used and underline Scotland’s reputation in technological development.

“Our members were clearly impressed by Optoscribe’s potential as this fundraising round was significantly oversubscribed and we look forward to supporting the business further as it grows.”

The funds will be invested in its 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.