Scottish tech start-up iGii raises £8.8m in funding as it looks to expand globally
Nanomaterial producer iGii has secured £8.8m in its latest funding round. The Scottish tech start-up is looking toward global expansion with new manufacturing projects and the creation of “highly skilled” local jobs.
Stirling-based iGii, which manufactures graphene-enhanced electrodes for human diagnostic and energy markets, was originally founded under the name Integrated Graphene in 2016.
It is known for its Gii technology patent, which is a three-dimensional foam made from carbon atoms that combines physical properties of graphene, such as conductivity, flexibility and sensitivity.
The £8.8m funding round will be used to further the creation of its highly sought-after point-of-care diagnostic sensors, Gii-Sens, to deliver “precise” results and predictions for a range of illnesses, including pathogens, cancers and liver and heart failures.
“We are laser-focused on bringing our revolutionary Gii technology to markets, with immediate and significant opportunities in the healthcare sector,” iGii chief executive Jean-Christophe Granier said.
He continued: “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.”
Of the total £8.8m investment, £4m came from the Scottish National Investment Bank (the Bank) and £4.8m from Archangel Investors and Par Equity, both of whom are existing shareholders having already invested in the company in 2020.
Alastair McMillen, associate director of Sustainable Investment at the Bank, said: “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.”
The investment will also be used to strengthen research and development into other possible applications of Gii, including the improved performance of water and food quality sensors and battery storage.
“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,” Niki McKenzie, joint managing director for Archangels said.
“Having scaled up its manufacturing capabilities, and with this funding secured, iGii now has the platform to realise its growth ambitions,” McKenzie continued.