Laser wire-stripping device gets financial backing
17 February 2014Tweet
An Abertillery, Wales-based company, whose high-tech laser-based wire-stripping products are based on technology originally developed for NASA’s Space Shuttle programme, has secured a £275,000 equity investment package from Finance Wales and a group of business angels syndicated through xénos, the Wales Business Angel Network (xénos).
Finance Wales and three xénos business angels invested alongside an angel from the South West Angel and Investor Network (SWAIN).
Laser Wire Solutions (LWS) used a Smart Cymru research and development grant to develop a range of laser-based wire-stripping products. The products can improve the quality of high-value electrical wiring systems and can be used to strip wires in complex wiring systems.
The funding package has provided LWS with the capital it needs to commercialise its current products and further develop its technology.
Welsh Economy Minister, Edwina Hart, said: ‘LWS was supported under our High Potential Starts programme so it’s good news to hear it is reaching its potential and expanding. The investment package also highlights the range of support available in Wales to help companies grow, develop and commercialise new products and create jobs.’
LWS currently plans to target markets with an estimated potential value of £20 million. Future product development will also open up new markets as the company launches products for specific sectors.
Using laser light to remove the insulation from electrical wires improves the quality of electrical installations, because laser light is absorbed by the insulation layer of the cable but reflected by the cable itself, leaving it undamaged.
LWS has developed two flexible automated laser-based wire-stripping products. Its Gemini stripper offers one of the most comprehensive specifications available, while the Mercury is suited to standard wire stripping applications.
LWS will also use the investment to fund a sales and marketing drive as well as to recruit additional sales and engineering staff.
‘We’ll use this funding package to develop our existing products and it will also spearhead our long-term expansion, because we’ll be able to launch some new products,’ said LWS managing director, Paul Taylor.