The round was led by the Foresight Williams Technology EIS Fund, which invested £1.5m alongside £500,000 from the Foresight Scottish Growth Fund, with the balance being raised from existing shareholders: SIB; Par Equity; Kelvin Capital; and the Gabriel Investment Syndicate.
The full announcement can be viewed here.
Kerry Sharp, Director, Scottish Investment Bank, said: “Novosound is a young, innovative and exciting company whose work has the potential to completely transform the way ultrasound sensors are applied by addressing the limitations currently associated with the technology.
“The company identified a problem, has developed a solution and has done remarkably well to raise the capital required to develop its product and scale up its activities in a short space of time.
“This latest round of investment, coupled with a £1 million Scottish Enterprise grant secured earlier this year, will help the Novosound expand its operations and break into international markets. We look forward to supporting it every step of the way.”