OrganOx is one of four projects recognised by the The Royal Academy of Engineering.
It's created a world-first device that can keep a human donor liver functioning outside the body for up to 24 hours prior to transplant.
The Royal Academy of Engineering said its MacRobert Award recognises engineering teams that demonstrate outstanding innovation, societal benefit and commercial success.
OrganOx is one of four finalists, including a component to minimise an aircraft's environmental impact by Bombardier and Darktrace's device to neutralise cyber attacks.
M Squared in Glasgow has also developed a Titanium:Sapphire laser which produces the world's purest light and can be tuned across the spectrum, enabling new scientific discoveries.
The academy said all four finalists demonstrated the ingenuity of engineers to bring products to market that will make a significant impact on people's lives.
The winner will be announced on July 11th.