Symetrica, the global leader in radiation detection and identification, has secured a further £3m of growth funding from existing investors to support its continued global expansion – bringing the total amount raised to £10m.
The round was co-led by Parkwalk, the UK’s most active investor in university spin-outs, and Nesta and included follow on investments from Albion Investments, Technology Venture Partners and Tennants Ventures.
Symetrica provides a range of detectors from handheld devices to mobile solutions and portal monitors, which are used by customs and border protection, law enforcement and military, emergency services and first responders around the world. Its technology is currently used by EU Policing and Customs Authorities and the US Department of Homeland Security, amongst others.
Symetrica’s unique Discovery Technology architecture and range of 3He-free neutron detectors set new performance boundaries with best in class accuracy, low lifecycle costs, continuous stabilisation and calibration providing real time health monitoring and eliminating scheduled maintenance. Discovery Technology is used across Symetrica’s product range, in the Smiths Detection RadSeeker, and in a range of other OEM’s products.
Founded by the former head of Physics and Astrophysics at Southampton University in 2002, Symetrica now has offices and manufacturing sites in the UK and the US, employing 75 people. With the majority of the Homeland Security market outside the UK, the business has been profitable for the last three years as demand for its technology continues to grow.
This latest round of funding will be primarily used to expand US presence and the opening of a larger US manufacturing site in Westford, Massachusetts later this summer.
Commenting on the funding round, Heddwyn Davies, CEO at Symetrica, said, “We are delighted to have secured this latest round of growth funding, which has demonstrated continued support from existing investors and will enable us to take full advantage of the global growth opportunities we are presented with. Our range of market leading radiation detection technologies provide real world solutions to real world challenges and expanding our operations in the US is a key tenet of our growth strategy.”
Neil Cameron, investment director at Parkwalk, stated, “We remain extremely excited about the business prospects for Symetrica. This is world leading technology which is essential for protecting the general public from the worst type of terrorist threats.”
