Scottish nanomaterial producer secures £8.8 million funding

Nanomaterial producer iGii has announced £8.8m in new funding.

The Stirling-based company, formerly known as Integrated Graphene, will use the funds to accelerate customer projects, increase its manufacturing capacity, and deepen its research and development.

The company also plans to expand its facilities in order to make room for more local jobs.

The round was led by a £4m injection from the Scottish National Investment Bank, with a further £4.8m coming from existing shareholders Archangel Investors and Par Equity, both of which first invested in the business in 2020.

It follows Jean-Christophe Granier joining the business as chief executive in September 2023 to enhance commercial performance.

The company's patented innovation, Gii, is a 3D foam made from carbon atoms. It combines the physical properties of graphene - such as sensitivity, flexibility and conductivity - without its scale-up and mass application challenges.

The new money will help iGii scale manufacturing of Gii-Sens, its highly sensitive and accurate component for point-of-care diagnostic sensors. This application of Gii is experiencing strong demand globally due to its ability to deliver precise, laboratory-level results for a range of illnesses and indicators of illness, including cancers, pathogens and liver and heart failure.

The company will also deepen its research and development into other applications, targeting improved performance for water and food quality sensors, agricultural sensors and battery storage.

A recent collaboration with the University of Bath used Gii-Sens to underpin a new battery-free sensor for testing lactic acid in athletes, opening up the possibility for a sensor that is available in remote locations - such as an athletics track - without the need for electricity-powered sensing equipment.

Granier commented: “We are laser-focused on bringing our revolutionary Gii technology to markets, with immediate and significant opportunities in the healthcare sector.

“This additional funding will enable us to accelerate ongoing customer projects and invest in our reel-to-reel manufacturing capabilities to deliver commercial quantities of Gii worldwide for our customers.”

Alastair McMillen, associate director for sustainable investment at the Scottish National Investment Bank, said: “We are excited by the growth and impact potential of iGii, and we are pleased to be invested in the company’s future, which includes scaling its products for a global market and bringing more skilled jobs to Stirling.

“The company's patented technology exemplifies cutting-edge advancements in nanomaterials, and aligns to our mission to drive innovation, helping to grow our economy and make it more competitive.”

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