Glasgow-headquartered quantum technology firm, M Squared Lasers, has secured £2.9 million from Scottish Enterprise to create new jobs and accelerate its groundbreaking research.
The Research and Development (R&D) grant will enable the company to create 24 new jobs in total, including 18 highly-skilled scientific roles.
Additionally, the funding boost will support the company’s £7 million project to accelerate its cutting-edge programme of laser and photonics systems development. This will include its work in quantum technology, where the firm is developing systems capable of detecting hidden objects, as well as hi-tech navigation systems.
In biophotonics, M Squared is also developing systems aimed at helping detect, diagnose and treat brain disease. The deal will see Scottish Enterprise work closely with the firm to help develop the photonics and quantum sectors in Scotland.
David Smith, director of national opportunities at Scottish Enterprise, commented: “M Squared is a pillar of our cluster of photonics companies in Scotland and a catalyst in bringing that community and others together to prepare to exploit the emerging market opportunities associated with quantum technology.
“This award underlines the continued innovative nature of the company and the great example of the Scottish capability in this area.”
Since its launch in 2006, M Squared cultivated a reputation as a global leader in photonics and quantum. The Glasgow firm is currently one of the fastest-growing technology companies in the UK, doubling in size every two years since 2012 and boasting revenue of about £19 million.
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Its award-winning products have led to breakthroughs in a number of scientific fields, including the development of the UK’s first commercially-viable Quantum Accelerometer.
Founder and CEO, Dr Graham Malcolm, said: “We take great pride in our Scottish roots. Our ambition is to create the world’s most important photonics and quantum technology company independently headquartered in Scotland.
“Our home city of Glasgow has a great tradition of science and engineering, where local companies have been developing optical technology for around 100 years. We are creating high-value jobs for graduates outside of academia, currently employing 100 staff, of which over 85% are graduates.
“The support of Scottish Enterprise will enable M Squared to scale its operations locally but equally continue stepping into new global markets.”
Ivan McKee, Innovation Minister for the Scottish Government, said: “Scotland has a long tradition of being at the forefront of scientific and technological advances, and our investment will ensure this continues.
“M Squared is a company we can take great pride in – their innovation has led not only to an incredible rate of growth for the company but also to enabling technological development in many fields including medicine, space technology and advanced manufacturing.”