Edinburgh-based angel investors Archangels have teamed up with the Scottish Investment Bank (SIB) to commit to four further rounds of investment for expanding Scottish firms, with additional funding of £3.9 million.
The investment will be used by Blackford Analysis, Fios Genomics, PowerPhotonic and Administrate to fund further growth in areas including research & development, product development, sales and marketing.
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 10 jobs over the next year.
Edinburgh-based Fios Genomics is a bioinformatics service provider that turns high dimension, high volume data into usable information for clients in 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 five roles in its quality assurance, project management and marketing functions.
Dalgety Bay-based PowerPhotonic designs, manufactures and supplies high value optics that manipulate the light from lasers for customers in sectors from defence to medicine.
It will use the second £1 million tranche of a £2 million of investment round from Archangels and SIB to upscale its business development and manufacturing capacity, creating up to eight jobs this year.
Edinburgh-based Administrate provides online training management software that automates the workflow required to deliver education. In its most recent funding round, the company has received a further £1.7 million of investment.
“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,” said Kerry Sharp, head of Scottish Investment Bank (pictured).
“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.”
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.”