Arktis Radiation Detectors is set to accelerate growth plans and the market reach of its innovative radiation detection product line following major additional funding from new and existing investors.
Venture Capital firms b-to-v Partners AG and AM-Tec Kredit AG, managed by aventic partners AG, have joined existing investors in committing $10 million in new funding.
Arktis’ mission is to provide smart tools to avoid trafficking of illicit radiological and nuclear materials around the globe. The new investment will enable the company to step up production of its next generation radiation detection systems, which feature proprietary technology developed by the scientists and engineers at its headquarters in Zurich.
Arktis products leverage the use of natural helium as opposed to the scarce and expensive He-3 isotope or other, sometimes even toxic materials used in many legacy systems.
Demand for its systems is growing rapidly and the company has recently secured contracts with the Defense Advanced Research Projects Agency (DARPA) in the US, supporting its revolutionary SIGMA program, as well as with the UK-based Atomic Weapons Establishment (AWE). In addition, it has won a contract at the port of Antwerp for seven radiation portal monitors fully integrated into the port’s infrastructure and with the Swiss authorities for radiation detection.
Arktis works with governments and agencies across the globe, supplying systems that improve security at ports, airports and border crossings. Its products are also well received in the nuclear safeguards community, which includes working with the University of Florida, the Korean Institute for Nuclear Nonproliferation and Control (KINAC) and Korean universities to improve the safe storage of spent nuclear fuel.
Rico Chandra, Chief Executive Officer of Arktis Radiation Detectors, said the new funding will accelerate the company’s continued growth and enable it to exploit the opportunities that are now emerging for its technology, particularly in the US and Europe. It will also allow the company to explore new market opportunities, expand its sales force and ramp up production for volume manufacturing.
He commented: “This new investment comes at a very exciting time for our company and will provide a massive boost to our expansion plans. Our systems are already making a major contribution to security across the globe and we continue to see a growth in demand. We will now be able to focus on bringing our portfolio of products to a whole new range of customers.”
Dr. Peter Balsiger, prospective board member for Arktis Radiation Detectors representing shareholder AM-Tec Kredit AG, said: “AM-Tec Kredit AG supports the most promising high-tech companies in Switzerland with expertise, entrepreneurial support, equity, networking and strategic know-how. We identified Arktis as one of the most promising technology companies and were particularly impressed by its market segment, trend, vision, product maturity, founders and team, as well as the sales ramp-up. We are happy to support its fast growth plan and to be part of what we believe will be a great success story.”
Dr. Helmut Schmidt, board member and lead investor for b-to-v, added: “We identified Arktis as having a leading technology with the potential to assist in addressing significant public and private safety needs. We are excited to be taking part in the company’s expansion because we regard both the present product offering and the vision to provide comprehensive networked systems as essential in the light of mounting homeland security issues around the world.”
About AM-Tec Kredit AG
AM-Tec Kredit AG is an Equity and Venture Capital firm located and managed by aventic partners AG in Zurich. Investors of AM-Tec Kredit AG are “Stiftung zur Förderung von KMU” owned by Berner Kantonalbank and Swissmem that unites the Swiss electrical and mechanical engineering industries and associated technology-oriented sectors. aventic partners AG is a Swiss private markets investment manager. Since 1999, it has specialized in the Swiss marketplace and managed a large number of investments. Focussing on high-potential growth plans, it realises potential in private markets by financing and developing great companies, creating superior value in its investments through active and long-term responsible ownership.
About b-to-v Partners AG
b-to-v Partners AG is a venture capital firm based in St. Gallen and Berlin. With some 200 members, it is also one of the leading networks of entrepreneurial private investors in Europe. b-to-v combines the industry expertise and experience of its members with the venture capital expertise of its own team. With this investment approach, b-to-v is committed to achieving sustained added-value for its portfolio companies as well as for its investing members. Investing together and the enjoyment inherent in the mutual financial, technical and personal support from entrepreneur to entrepreneur form the core of the b-to-v philosophy.