The investment in UniKLasers is the second that Par Equity has made since its recent partnership with British Business Investments through the Regional Angels Programme. This round takes UniKLasers’ total funding since 2017 to £2.3 million.

UniKLasers will use this funding round to expand and upgrade its manufacturing and R&D capability, continue to build its global sales and marketing pipeline and significantly increase its workforce to further capitalise on a market directly relevant to their application, estimated to be worth $1.46 billion. This will happen under the guidance of a newly appointed CEO, technology industry veteran, Alan Faichney, who has been brought in to strengthen UniKLasers’ leadership team.

A renowned serial entrepreneur and business strategist, Alan has helped restructure and guide a clutch of Scotland’s world-class technology businesses among them - Pufferfish, Arrayjet, Silent Herdsman and Edinburgh Instruments. He has led several internationally focused businesses through a succession of corporate finance and investment rounds to maximise shareholder value towards a planned exit process.

UniKLasers Ltd was founded in 2013 by Professor Fedor Karpushko. It manufactures high precision scientific lasers for industrial technology markets such as Holography, Semiconductor Quality Inspections, Spectroscopy, Biomedical research, Wind Power Generation and Quantum Technologies.

In 2013, it concluded a private investment round, which was swiftly followed by support from Scottish Enterprise and Lancaster Capital Investment Syndicate, and since 2017 Innovate UK.

UniKLasers has achieved world-wide international sales, successfully expanded its product portfolio and become very active in the UK National Quantum Technologies programme, focussing on developing lasers as the key instrument for Quantum Clocks and Quantum Gravimeters.

Anastasia Bombrys, CEO of UniKLasers Ltd, believes that amidst the global disruption and turmoil caused by COVID-19, the opportunities for UniKLasers this new round of investment offers, comes at a very poignant time.

She said: “This month is a very important milestone in laser history. It marks the 60th anniversary since the invention of the world’s first laser by American physicist, Theodore Maiman (16th of May 1960). The intervening period has seen lasers become crucial to manufacturing, engineering and academic research across the world.

“UniKLasers’ founder and CTO Fedor Karpushko invented his first laser just six years after Maiman’s invention and has not stopped since. The company manufactures its novel Single Frequency DPSS lasers using a proprietary patented technology platform.

“Par Equity’s support in championing the development of young businesses is unrivalled in Scotland. It is a standard bearer for high growth businesses with exceptional potential and we’re delighted to be part of its portfolio.”

UniKLasers, as one of Par Equity’s portfolio of nearly 40 companies, sits alongside other emerging stars such as Current Health, a leading Edinburgh-based remote-patient monitoring platform; BrainwaveBank, the Belfast-based creator of a wearable headset device for EEG brain scanning that measures the mechanisms underpinning neurological disorders and therapies; and NPT, a Middlesbrough-based cleantech company with a patented process to convert non-food plant residue into biofuels and chemicals.

Paul Atkinson, sponsoring partner at Par Equity, added: “Par Equity first invested in UniKLasers in 2017 and we are delighted to continue supporting the Company as one of the very best high-growth technology start-ups. Through our EIS Fund, our Private Investor Network, our recent tie-up with British Business Investments and with the Scottish Investment Bank we are able to draw on a breadth of firepower for our portfolio.

“UniKLasers has developed a suite of market leading lasers from a single platform and continue to be heavily involved with pioneering Quantum Technologies. They are well placed to achieve their ambitions and I am delighted that Par Equity was able to continue support them on this journey.”