21 Dec Chromacity secures new funding and makes key Board appointments
Chromacity today announced that it has secured an injection of new funding and appointed two new Board directors as the company seeks to expand further into industrial markets.
The new investment was provided by existing investors and led by EOS, Kelvin Capital and Scottish Enterprise, and will be used to invest in key infrastructure needed to support Chromacity’s continued progress into industrial markets.
Chromacity manufactures lasers for industrial applications and academic research. The Edinburgh-based manufacturer has developed a new generation of affordable ultrafast lasers that are reliable and simple to use. With remote-installation capabilities and maintenance-free laser architecture, Chromacity is enabling wider adoption of ultrafast technologies in key industries.
“We’re continuing to build on our global reputation for providing high quality lasers for research in life sciences, but this funding will also support growth opportunities in industrial markets including semiconductor testing, defence and environmental sensing,” said Shahida Imani, CEO of Chromacity.
Chromacity’s new board appointments bring deep photonics sector expertise and come from successful backgrounds running high growth businesses.
Robert Black, an experienced executive and non-executive director in the photonics, IT and robotics industries, joins the company as non-executive chairman. Black was also the CEO of software firm SeeByte, which he successfully grew and exited in 2013.
“Ultrafast lasers are driving innovation across a wide range of industries,” said Black. “Chromacity is well-positioned to disrupt the sector with its high-performance, low-cost systems and I am delighted to join the Board at this important time in the company’s expansion.”
Also joining the Chromacity board is Richard Laming, a successful academic, founder, executive and non-executive director of technology businesses spanning optoelectronics, MEMS and electronics. He is best known for leading development of the erbium-doped fiber amplifier (EDFA) commercialised by Pirelli and the fibre gratings commercialised by SPI Lasers.
The new board members join existing investor director Graham Miller, who leads sales development at Agilent Technologies’ Molecular Spectroscopy Division.
“It is important for Chromacity to have the right team around us as we move into the next evolutionary phase of the business,” added Imani. “Now every member of our board has relevant industry expertise and knowledge that can help us execute successfully.”