M Squared Lasers secures funding for export drive
A Scottish laser manufacturer is set to increase its export activities after securing new financial backing.
M Squared Lasers said it had attracted a funding package worth more than £2.5m from Barclays and a further £750,000 from BGF (Business Growth Fund).
M Squared is based at the West of Scotland Science Park in Glasgow, and has offices in the US including San Jose in Silicon Valley, California.
The company develops and manufactures lasers and photonic instruments.
It has designed products for a range of sectors, from explosives detection to biomedicines.
M-Squared co-founder Graeme Malcolm said: "We've been expanding our export business for some time and have been making great headway in world markets.
"This latest investment will provide important support as we continue to pursue our ambitious growth objectives.
"Our US business has been growing strongly, with revenues doubling in 2014 as a result of rising demand for laser systems in areas such as quantum technologies."
M Squared currently employs more than 50 staff and has a turnover of £10m.
The company achieved year-on-year revenue growth of 40% in 2014 and expects to see similar annual growth this year.