M Squared Lasers receives cash boost from the Business Growth Fund
Published by Anne Marie Hughes on Sat 09 Jun 12 @ 22:16
Technology business M Squared lasers is aiming to double its workforce and turnover after receiving a £3.85 million cash boost from the Business Growth Fund.
The firm aims to increase its number of employees from 30 to 50 by this time next year, adding an extra 20 jobs in 2013. The new recruits will include engineering staff plus extra members of the sales team at its Silicon Valley office in the United States.
M Squared Lasers' revenue is expected to increase sizably over the next few years.
The company is another fine example of the specialised technology industries which operate within the region of Glasgow. Their laser products have use across a range of industries including oil and gas, life sciences and security.
This funding will also be used to enhance its manufacturing capability and widen product development from its headquarters in the West of Scotland Science Park - currently home to companies including Clyde Space Ltd, Gemsoft7 and Walker Precision Engineering Ltd.
M Squared was founded in 2005 by Dr Malcolm and Dr Gareth Maker as a spin out from Strathclyde University.