The funding round was led by a £4m injection from the Scottish National Investment Bank, with a further £4.8m coming from existing iGii shareholders Archangel Investors and Par Equity, both of which first invested in the business in 2020. It will boost iGii’s manufacturing capacity, research and development, and global expansion.

iGii’s patented Gii material, a 3D carbon foam with properties similar to graphene, is at the heart of this growth. The funding will help scale production of Gii-Sens, a key component in highly sensitive diagnostic sensors with strong global demand.

iGii will also deepen research into other Gii™ applications, including water and food quality sensors, agricultural sensors, and battery storage.

A recent collaboration with the University of Bath used Gii-Sens to underpin a new battery-free sensor for testing lactic acid in athletes, opening up the possibility for an easy-to-use sensor that is available in remote locations – such as an athletics track – without the need for electricity-powered sensing equipment.

Jean-Christophe Granier, who joined the business as CEO in September 2023, said: “We are laser-focused on bringing our revolutionary Gii technology to markets, with immediate and significant opportunities in the healthcare sector.

“This additional funding will enable us to accelerate ongoing customer projects and invest in our reel-to-reel manufacturing capabilities to deliver commercial quantities of Gii worldwide for our customers.”

Gii is also an environmentally sustainable material as it is manufactured using a proven low-energy and chemical-free process, producing minimal waste and making the material more cost effective than traditional sensing materials, such as gold.

Alastair McMillen, associate director of sustainable investment at the Scottish National Investment Bank, said: “We are excited by the growth and impact potential of iGii, and we are pleased to be invested in the company’s future, which includes scaling its products for a global market and bringing more skilled jobs to Stirling.

“The company’s patented technology exemplifies cutting-edge advancements in nanomaterials, and aligns to our mission to drive innovation, helping to grow our economy and make it more competitive.”

Mr Granier concluded: “We are thrilled the Scottish National Investment Bank is supporting our ambitious growth plans and helping us export true Scottish innovation to the world.

“Together with our existing investors, we are transforming customers’ product performance and delivering life-changing benefits for people and our planet.”

Niki McKenzie, joint managing director for Archangels, said: “Partnering with our co-investors, Archangels is looking forward to supporting JC and his team on this next phase of growth.

“As an ambitious Scottish tech company with significant global opportunities, iGii is a great example of the type of business we invest in to drive long-term growth. Having scaled up its manufacturing capabilities, and with this funding secured, iGii now has the platform to realise its growth ambitions.”