M Squared Secures $5M in New Funding
Eyeing overseas sales growth and the emerging quantum technology market, M Squared Lasers has secured £3.25 million (about $5.02 million) in new funding.
The international bank Barclays has provided a funding package worth more than £2.5 million (about $3.8 million), which will enable M Squared to increase exports to key global markets including North America. The company said it doubled its U.S. revenues in 2014 thanks to demand for laser systems used in quantum technologies.
Meanwhile, the U.K. investment group BGF supplied an additional £750,000 (about $1.1 million), which follows an investment of £3.85 million (about $5.9 million) in 2012.
A large growth area for the company is the application of quantum technology, which is being harnessed to create a new generation of electronics, including sensor instrumentation, communications systems and powerful computer processing systems.
“We’ve been expanding our export business for some time and have been making great headway in world markets,” said M Squared co-founder Dr. Graeme Malcolm. “This latest investment will provide important support as we continue to pursue our ambitious growth objectives.”
M Squared offers a range of CW and ultrafast Ti:sapphire laser systems and tunable sources operating in the midwave-infrared and terahertz regions for oil and gas exploration, explosives detection and cancer diagnosis. It employs more than 50 people and has a turnover of £10 million (about $15.3 million).
For more information, visit www.m2lasers.com.
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