ARCHANGEL Investors and Scottish Investment Bank (SIB) have provided an additional £3.7 million to support three growing Scottish businesses.
The funding injection takes the total invested by the organisations in Calcivis, NetThings and Reactec to £6.8m for the year.
Archangel, the early-stage business investment specialist, provided £2.3m of the latest funding round, with SIB contributing the balance.
Calcivis, a medical devices company focused on the management of tooth decay, has received a further £2.6m from its existing backers to fund the further development of its dental imaging system.
The investment has helped the company, located at Edinburgh's BioQuarter, secure a further £2m in grant funding from the European Commission under its European Horizon 2020 SME (small and medium-sized enterprises) instrument programme.
Edinburgh-based NetThings, whose platform simplifies the connection and control of devices over the internet, has received an additional £700,000. It will use the funding to expand its offer from the domestic to the SME market.
Reactec has developed a solution to allow employees who use heavy tools to monitor and analyse their exposure to potentially harmful hand and arm vibration.
The company, whose solutions protect around 30,000 workers, will use its additional £400,000 of funding to fund three new roles and its sales routes to market.
Andy Laing, investment executive at Archangels, said: "These are great examples of growing Scottish businesses who have the potential to compete on a world stage and whose ideas, without early stage investment and ongoing support, would never have been realised.
"Scotland needs more enterprises like these and at Archangels we're happy to support them."
Kerry Sharp, head of Scottish Investment Bank, said: "It's always great to see companies with an entrepreneurial mindset prosper and grow with support and investment. Working together in partnership is the foundation of our operating model. The integrated approach of investment and support here in Scotland is building a track record of success stories."
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