Nottingham firm lands MEIF investment for next-gen X-ray technology
- Investment will see 20 engineering and software development jobs created over the next three years at Nottingham-based HALO X-ray Technologies
- HALO technology will help improve airport safety and reduce the number of false alarms
HALO X-ray Technologies (HALO), a company which owns patented next generation X-ray technology, has secured investment from venture capital firm Midven and the Midlands Engine Investment Fund (MEIF).
HALO was established in 2012 by Nottingham Trent University and Cranfield University to commercialise patented X-ray diffraction technology, based on groundbreaking research carried out by Professor Paul Evans and Professor Keith Rogers.
This finance injection will allow HALO to create 20 engineering and software development jobs over the next three years, as it focuses on the commercial exploitation of its technology and develops new systems with reduced time to market.
The firm’s platform technology enables materials to be scanned and identified at commercially viable inspection speeds across a variety of markets. New systems based on this technology are already being developed for aviation security, providing accurate identification of restricted materials within luggage.
Simon Godber, CEO of HALO X-ray Technologies, said: “We are delighted to have received the investment from Midven. It will allow us to move the business onto a more commercial footing, recruit the necessary specialised staff and reduce time to market. We want to surpass our prior expectations to enhance security, improve passenger experience and increase throughput, all whilst reducing overall costs for airports.”
Roger Wood, Director at Midven, said: “HALO has developed a cost-effective and potentially disruptive additive technology that could bring significant passenger safety and commercial benefits to the airport security market. The MEIF investment will enable the company to complete commercialisation of its initial products and focus on business development activities and customer engagement.”
Rob Evans, Technology Transfer Manager at Cranfield University, said: “Halo is a great example of how technology transfer from university research can work, with practical and applied solutions.
Following the investment from Midven, we are confident that Halo will build on the work of Professor Keith Rogers and Professor Paul Evans and progress to full commercialisation with the installation of systems around the world.”
Professor Nigel Wright, Deputy Vice-Chancellor – Research and Innovation – at Nottingham Trent University, said: “In securing this significant investment, Halo has taken an important step towards bringing this innovative technology to the market and to making travel safer for all of us. It’s an excellent example of how collaborative research between universities can lead to the development of technologies which significantly benefit society.”
The MEIF project is supported financially by the European Union using funding from the European Regional Development Fund (ERDF) as part of the European Structural and Investment Funds Growth Programme 2014-2020 and the European Investment Bank.
HALO X-ray Technologies (HALO):
Simon Godber, CEO
0115 860 2236
David Callaghan, Digital Glue
0121 389 2499
About HALO X-ray Technologies (HALO):
Founded in 2012 to commercialise patented x-ray diffraction technology originally developed and led by Professor Paul Evans and his research group at Nottingham Trent University and Professor Keith Rogers at Cranfield University. HALO takes X-ray technology one step further, enabling it to be used to scan and identify materials at commercially viable speeds. For more information about HALO, please visit www.haloxray.com.
For more than 25 years, leading Birmingham-based venture capital firm Midven has been supporting Midlands SMEs, investing more than £60m into the region and raising £200m co-investment into their portfolio. Midven’s ‘more than money’ approach helps to build strong and successful
companies and support businesses every step of the way. Midven continues to extend its reach to invest in the Midland’s most ambitious entrepreneurs through its recent appointment to manage the £35 million equity portion of the Midlands Engine Investment Fund (MEIF), as well as the launch of the firm’s first Enterprise Investment Scheme (EIS) fund. For more information about Midven, please visit www.midven.co.uk.
About the Midlands Engine Investment Fund (MEIF)
• The Midlands Engine Investment Fund, supported by the European Regional Development Fund, will invest in Debt Finance, Small Business Loans, Proof-of-Concept and Equity Finance funds, ranging from £25,000 to £2m, specifically to help small and medium sized businesses secure the funding they need for growth and development.
• The Midlands Engine Investment Fund is operated by British Business Financial Services Limited, wholly owned by British Business Bank, the UK’s national economic development bank. Established in November 2014, its mission is to make finance markets for smaller businesses work more effectively, enabling those businesses to prosper, grow and build UK economic activity.
• The Midlands Engine Investment Fund is supported by the European Regional Development Fund, the European Investment Bank, the Department for Business, Energy and Industrial Strategy and British Business Finance Limited, a British Business Bank group company.
• The MEIF covers the following LEP areas: Black Country, Coventry & Warwickshire, Greater Birmingham & Solihull, Stoke-on-Trent and Staffordshire, The Marches, and Worcestershire in the West Midlands; and Derby, Derbyshire, Nottingham & Nottinghamshire (D2N2) Greater Lincolnshire, Leicester and Leicestershire, and South-East Midlands in the East and South-East Midlands.
• The project is receiving up to £78,550,000 of funding from the England European Regional Development Fund as part of the European Structural and Investment Funds Growth Programme 2014-2020. The Department for Communities and Local Government is the Managing Authority for European Regional Development Fund. Established by the European Union, the European Regional Development Fund helps local areas stimulate their economic development by investing in projects which will support innovation, businesses, create jobs and local community regenerations. For more information, visit www.gov.uk/europeangrowth-funding.
• The European Investment Bank is providing £122,500,000 to support the Midlands Engine Investment Fund. This follows backing for the Northern Powerhouse in 2017 and backing for the newly launched North East Fund. For further information visit www.eib.org.
• The funds in which Midlands Engine Investment Fund invests are open to businesses with material operations in or planning to open material operations in the West Midlands and East & South-East Midlands.
• The British Business Bank has published the Business Finance Guide (in partnership with the ICAEW, and a further 21 business and finance organisations). The guide, which impartially sets out the range finance options available to businesses and provides links to support available at a regional level, is available at www.thebusinessfinanceguide.co.uk/bbb.
About the British Business Bank
The British Business Bank is the UK government’s economic development bank. Established in November 2014, its mission is to make finance markets for smaller businesses work more effectively, enabling those businesses to prosper, grow and build UK economic activity. Its remit is to design,
deliver and efficiently manage UK-wide smaller business access to finance programmes for the UK government.
The British Business Bank programmes are supporting more than £5.9bn of finance to over 82,000 smaller businesses (as at end of September 2018).
As well as increasing both supply and diversity of finance for UK smaller businesses through its programmes, the Bank works to raise awareness of the finance options available to smaller businesses:
• The Business Finance Guide (published in partnership with the ICAEW and a further 21 business and finance organisations) impartially sets out the range of finance options available to businesses at all stages – from start-ups to SMEs and growing mid-sized companies. Businesses can take the interactive journey at www.thebusinessfinanceguide.co.uk/bbb.
• The new British Business Bank Finance Hub provides everything high-growth businesses need to know about their finance options, featuring short films, expert guides, checklists and articles from finance providers to help make their application a success. The new site also features case studies and learnings from real businesses to guide businesses through the process of