Scottish Government investment bank puts £12.5m into Glaswegian laser firm

Written by Ailean Beaton on 25 November 2020 in News

New national institution puts money into tech start-up

Glasgow cityscape   Credit: John Lindie/CC BY 2.0

The Scottish National Investment Bank has been launched, with a Glasgow-based tech start-up the first business to receive financial backing.

The Scottish Government-owned bank will invest £12.5m into M Squared Lasers, a company specialising in laser and quantum technology.

First minister Nicola Sturgeon said the launch is “one of the most significant developments in the lifetime of this parliament".

The bank is the UK’s first “mission-led” development bank, which aims to support projects and businesses with long-term investment funding in order to grow the Scottish economy.

The Scottish Government has committed £2bn to the bank over ten years, for projects that fulfil criteria such as innovation, tackling inequality and achieving net-zero goals.

Related content

The bank’s chief executive Eilidh Mactaggart was appointed in April 2020 and its non-executive directors are Tracey Ashworth-Davies, Carolyn Jameson, Peter Knott, Jason McGibbon, Nicholas Moon, Candida Morley, Dr Jacqueline Redmond and Sir Jonathan Taylor.

Sturgeon said: “The Scottish National Investment Bank will help to tackle some of the biggest challenges we face now and in the years to come, delivering economic, social and environmental returns. It is hitting the ground running with its first major investment in M Squared – a great example of the ambitious and innovative companies we have here in Scotland that will be key to our economic recovery and future prosperity. The launch of the bank is one of the most significant developments in the lifetime of this parliament, with the potential for it to transform, grow and decarbonise Scotland’s economy.”

Dr Graeme Malcolm, CEO and founder of M Squared, said: “Science and advanced technologies have a major role to play in Scotland’s future economic prosperity. By increasing investment in research and development with a mission-based approach, Scotland has a real opportunity to actively tackle climate change and benefit from the coming quantum revolution. We are delighted that the Scottish National Investment Bank has invested in M Squared as its very first business – our shared commitments to society and the environment makes this an ideal partnership that will enable accelerated growth and progress in frontier technologies.”


About the author

Ailean Beaton is a journalist at PublicTechnology sister publication Holyrood, where this article first appeared. He tweets as @AileenBeaton.

Share this page




Please login to post a comment or register for a free account.

Related Articles

Supplier blacklists and non-compliance investigators: Government’s new procurement regime
13 May 2022

Bill introduced during Queen’s Speech proposes a range of reforms

HMRC signs £500k FT deal for news and analysis
10 June 2022

Department says information provided by newspaper publisher will be used across more than 30 areas of operation

Fraud challenges see HMRC and DWP named among ‘departments of concern’
27 May 2022

Public spending watchdog points to issues with controls on fraud and error

EXCL: Wall of silence surrounds plan for nationwide collection of citizens’ internet records
26 May 2022

Online notice reveals controversial trials are to be expanded into a national service – about which government, law enforcement, watchdogs and all the UK’s major ISPs declined to answer questions...