If you went to school in Scotland (or even elsewhere), you were probably taught a list of inventions associated with Scottish inventors or Scotland: the telephone, the television, tarmac, the first cloned sheep…
The list of Scottish inventions continues to grow in the 21st Century. And just as it ever was, investors and business angels are always looking for great inventions and inventors to invest in.
Our Corporate team regularly act for funding syndicates looking for early-stage investments. The investment is often done via tax-efficient schemes such as the Enterprise Investment Scheme (EIS).
For example, we act for a US-based angel syndicate, Aero-Den LP, which focuses on start-up early-stage technology deals. Though based in the US, one member of the syndicate has strong links with Scotland.
In October 2014, we helped Aero-Den make a £600,000 investment in UWI Technology. The company has designed a smart label that warns when products are about to expire. According to UWI, its smart label is set to revolutionise safety standards in sectors as diverse as aerospace, cosmetics, and food and drink. It could be used on anything from medicines to chemical reagents to a jar of mayonnaise in your fridge
Another invention that may hit the big time is NCTech’s iSTAR® 360º panoramic digital camera. The small, rugged camera was originally designed for the police, as a way to collect forensic-level information from road traffic accident scenes.
However, the iSTAR is now attracting interest from a much greater range of users, including Sky TV (who believe it could be used to produce footage from conflict zones, mountain sides or drones) and the operators of nuclear power stations (who could use the small, rugged camera to check the conditions inside reactors and pipes).
Originally self-funded, NCTech has now raised several rounds of investment and we have acted for the investors in all of their funding rounds.
It’s early days yet to see whether NCTech’s camera or UWI’s smart label will make it as big as the TV or telephone, but we’ll certainly watch their progress with interest. And, just as with dozens of other spin-outs, start-ups and growth companies we help, Lindsays is proud to have been there at the beginning.
