January 2008
Scottish Enterprise SE(08)16
Approvals within delegated authority
The following projects were approved within delegated authority during the period 16 November 2007 to 10 January 2008. The details are provided below.
Advanced Forming Research Centre
The Executive Board approved a variation to the SE Board approval (29 June 2007). A condition of approval at that time was that a minimum of three Tier 1 members must commit to the project. Since this approval two Tier 1 and four Tier 2 members had formally committed to the project. Rolls Royce had indicated that they were willing to underwrite the cost of the third Tier 1 membership to allow the project to proceed to construction stage. In addition, there had been a change to the proposed size of the first phase of the building from 40,000sq ft to 30,000sq ft.
SCF Investments over £250k
Red Spider
The Investment Team has approved the sum of £250,000 to be invested in Red Spider by way of ordinary shares and a convertible loan. Red Spider designs, builds and supplies innovative downhole tools.
Calnex Solutions Ltd
The Investment Team has approved the sum of £285,000 to be invested in Calnex Solutions Ltd by way of ordinary shares. Calnex Solutions Ltd develops next generation test equipment.
VeriSim Ltd
The Investment Team has approved the sum of £348,200 to be invested in VeriSim Ltd by way of ordinary shares. VeriSim Ltd develops simulation software and services for the financial services sector.
Mpathy Medical Devices Ltd
The Investment Team has approved the sum of £399,997.50 to be invested in Mpathy Medical Devices Ltd by way of ordinary shares. Mpathy Medical Devices Ltd develops IPR and rolling out of products relating to ultra-lightweight meshes for medical applications, particularly relating to pelvic floor repair and hernia repair.
SVF Investments
Biofilm
SVF invested £1.5 million alongside its partner Tate and Lyle Ventures as part of a £3 million investment into a new business called Biofilm. Hamilton-based Biofilm make soluble thin films which can be used in the hygiene, cosmetic and nutraceutical markets.
Critical Blue
Critical Blue is an Edinburgh-based software company which develops code to optimise software running on multicore processors. SVF invested £1 million as part of a £2 million funding round with our partners Pentech Ventures and Herald Ventures.
Pyreos
Scottish Development International, with SVF assistance, helped encourage Siemens to establish Pyreos, a start-up business, in Edinburgh to own and develop Infrared sensor technology developed by Siemens. SVF invested £1m as part of a £2m round with its partners Braveheart Investment Group and Siemens Technology Accelerator.
Novabiotics
Novabiotics is an Aberdeen-based biotech company with a platform of novel antimicrobials, SVF invested £0.5 million as part of a £1 million round.
Lumicure
Lumicure is a Dundee-based company which develops medical devices for the cosmetic and clinical markets (including cancer treatment). SVF invested £1.25 million (£0.75 million first tranche) alongside our partner Longbow Ventures as part of a £2.5 million round, due to complete on 10 January 2008.