Symetrica secures £3m in growth funding to support further expansion in the US
Radiation detection company closes a funding round co-led by Parkwalk and Nesta
Southampton, 18 June 2019: 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 technological 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, Chief Executive Officer 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.”
Notes to Editors
Symetrica is a global leader in radiation detection and identification, providing real world solutions for real world challenges. The range of detectors, from handheld devices to mobile solutions and portal monitors, serve customs and border protection, law enforcement and military, emergency services and first responders. Users benefit from the most operationally effective multi-layered radiation detection and identification systems, featuring Symetrica’s unique Discovery Technology® architecture
Parkwalk is the largest growth EIS fund manager, backing world-changing technologies emerging from the UK’s leading universities and research institutions. With £250m of assets under management, it has invested in over 100 companies across its flagship Parkwalk Opportunities EIS Fund as well as the award-winning enterprise and innovation funds Parkwalk manages for the Universities of Cambridge, Oxford and Bristol.
Parkwalk invests in businesses creating solutions to real-world challenges, with IP-protected innovations, across a range of sectors including life sciences, AI, quantum computing, advanced materials, genomics, cleantech, future of mobility, medtech and big data.