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iGii secures £8.8m to accelerate innovation in nanomaterials
Pictured (LR): Megan McAuliffe, development scientist at iGii; Jean Christophe-Granier CEO of iGii; Alastair McMillen, Associate Director, Scottish National Investment Bank; and Niki McKenzie, deputy managing director of Archangels, inspecting the quality of a Gii-Sens sheet
Stirling-based nanomaterials producer iGii has secured £8.8 million in new funding to accelerate growth.
The funding round was led by a £4m injection from the Scottish National Investment Bank, with a further £4.8m coming from iGii’s existing shareholders, Archangel Investors and Par Equity, who first invested in the business in 2020. This will boost iGii production. capacity, research and development and global expansion.
iGii’s patented Gii material, a 3D carbon foam with properties similar to graphene, is at the heart of this growth. The funding will help scale production of Gii-Sens, a key component in highly sensitive diagnostic sensors with strong global demand.
iGii will also deepen research into other Gii™ applications, including water and food quality sensors, agricultural sensors and battery storage.
A recent collaboration with the University of Bath used Gii-Sens to support a new battery-free sensor to test lactic acid in athletes, opening up the possibility of an easy-to-use sensor that is available in remote locations – such as an athletics gym. track – without the need for electrically powered detection equipment.
Jean-Christophe Granierwho joined the company as CEO in September 2023, said: “We are focused on bringing our revolutionary Gii technology to markets, with immediate and significant opportunities in the healthcare sector.
“This additional funding will allow us to accelerate ongoing customer projects and invest in our reel-to-reel manufacturing capabilities to deliver commercial quantities of Gii worldwide to our customers.”
Gii is also an environmentally sustainable material as it is manufactured using a proven low-energy, chemical-free process, producing minimal waste and making the material more cost-effective than traditional detection materials such as gold.
Alastair McMillenassociate director of sustainable investing at Scottish National Investment Bank, said: “We are excited about iGii’s growth and impact potential, and we are pleased to be investing in the company’s future, which includes expanding its products to a global market and bringing more skilled jobs to Stirling.
“The company’s patented technology exemplifies cutting-edge advancements in nanomaterials and aligns with our mission to drive innovation, helping to grow our economy and make it more competitive.”
Granier concluded: “We are thrilled that the Scottish National Investment Bank is supporting our ambitious growth plans and helping us export true Scottish innovation to the world.
“Together with our existing investors, we are transforming customer product performance and delivering life-changing benefits for people and our planet.”
Niki McKenziejoint managing director of Archangels, said: “In partnership with our co-investors, Archangels is looking forward to supporting JC and his team in this next phase of growth.
“As an ambitious Scottish technology company with significant global opportunities, iGii is a great example of the type of business we invest in to drive long-term growth. Having increased its production capabilities and with this funding secured, iGii now has the platform to realize its growth ambitions.”