Harbottle & Lewis advises Seraphim Capital on investment in Pyreos

Harbottle & Lewis has advised Seraphim Capital, the specialist early stage technology investor, on the £1.35m investment round in fabless semiconductor company, Pyreos, which it led alongside existing shareholders including Siemens Technology Accelerator.

Pyreos, which spun out of Siemens in 2007 following 15 years of intensive R&D, has developed technology which it believes will turn the infrared sensor industry on its head. The materials and manufacturing techniques currently used to make infrared sensors mean there are inherent limitations, both in terms of cost and performance, that Pyreos considers have held back the industry. Pyreos believes that its patented thin film technology addresses these issues by, for the first time, bringing the benefits of low cost semiconductor manufacturing techniques to the infrared sensor industry, which enables it to make sensors at a fraction of the size and cost than has historically been possible whilst also offering improved performance, functionality and reliability. The funding will enable the business to continue to build out its sales resource in order to respond to the intense levels of interest currently being experienced from across a range of different market verticals.

Tony Littner, Partner and Head of the firm's Growth Capital Group advised Seraphim on the legal aspects of the deal, assisted by John Brink.

Mark Boggett, Managing Director of Seraphim, commented "It was good working with Tony again on the Pyreos investment. He did a great job in managing what turned out to be a difficult and complex transaction."

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23/07/10

For further information contact Evette Elliott, Head of Marketing, on +44 (0)20 7667 5000.