Symetrica, the manufacturer of radiation detection products for military and homeland security applications, has closed a £4 million funding round. The round was led by Parkwalk, the investor in start-ups spun out of UK universities, with participation from other existing investors and the management team. It includes a provision for a further £2 million commitment from a specialist defence and security investor.
Symetrica was founded back in 2002 by the former head of Physics and Astrophysics at Southampton University. The company now manufactures, supplies and supports a wide range of devices, from hand-held and backpack-mounted sensors through to vehicle-based detectors and drive-through scanners. Its solutions are used by customs, border protection, law enforcement, the Emergency Services, military personnel and first responders, enabling them to identify threats and respond accordingly.
According to the business, its proprietary Discovery Technology – a combination of patented algorithms and hardware – enables Symetrica detectors to be two-to-three times more accurate than equivalent conventional detectors.
Every day, the technology removes radiation alarms not of regulatory interest and provides police and customs officers alike with high confidence nuclear material identification in hand-held isotope identifiers with smart phone-like connectivity to technical authorities for operational assurance.
Accelerate global growth
Symetrica operates from offices and manufacturing sites in both the UK and the US and employs 75 members of staff. The new funding will be used to accelerate global growth by enhancing the company’s international sales programme.
Symetrica already supplies its products to Government departments in the UK, the EU and the United States, as well as to partners worldwide. Its technology is employed by the US military.
Commenting on the impact of the funding for the business, Heddwyn Davies (CEO at Symetrica) explained: “In these extraordinary times, this investment gives us the capacity to increase our sales and business development resources and sell more into international markets where we’ve already won prestigious contracts. It also enables us to capitalise on multi-year procurement opportunities. We’re pleased to have our existing investors follow on in this round, and also very excited to see what we can achieve with their continued support.”
Neil Cameron, investment director at Parkwalk, said: “Symetrica’s Discovery Technology is a huge leap forward for radiation detection and testimony to the high-class science and engineering capabilities of the team, as well as to the importance of patient capital for R&D-rich companies. We’re pleased to be leading a round that will enable the team to capitalise on some significant customer wins and accelerate international growth.”
TheSecurityLion 