Investment company Business Growth Fund (BGF) has announced its investment of £3.85 million in Glasgow based M Squared Lasers.
M Squared Lasers designs and manufactures lasers and photonic optical instruments for applications in remote sensing, frontier science, bio-photonics, defence, microscopy, spectroscopy and metrology. BGF’s £3.85 million equity investment will fund the company’s research and development programme as well as its commercial growth.
Duncan Macrae, BGF investment director, said: ‘M Squared’s laser technology represents a genuine step change. Customer referencing has been overwhelmingly positive and we are very pleased to be backing such an innovative Scottish business.’
With an office in San Jose, California, M Squared Lasers sells lasers to and collaborates with a range of blue chip partners across Europe, North America and Asia, including Thales, Philips, Osram, Stanford University and the Max Planck Institute.
BGF is an independent company with capital of up to £2.5 billion. Established to help Britain’s fast growing smaller and medium sized businesses, BGF is backed by five of the UK’s main banking groups, Barclays, HSBC, Lloyds, RBS, and Standard Chartered.