Expanding company moves to new base
A company, whose technology reduces harmful carbon dioxide emissions, has moved into a new...read more
Halo X-ray Technologies (HALO) was established by Nottingham Trent University and Cranfield University in 2012. The firm’s platform technology enables materials to be scanned and identified at commercially viable inspection speeds across a variety of markets. The technology is based on groundbreaking research carried out by Professor Paul Evans and Professor Kieth Rodgers and new systems based on the technology are already being developed for aviation security, providing accurate identification of restricted materials.
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 by Midven will enable to company to fully commercialize its product, switching the focus to business development activities and customer engagement. The deal perfectly represents what Rob Evans from Cranfield University thinks the technology transfer from university research should look like. The finance injection should see HALO creating 20 engineering and software development jobs over the next three years.
” 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 specialized staff and reduce time to market”
– Simon Godber, CEO of HALO X-ray Technologies
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 in co-investment into their portfolio. Midven are currently investing through its recent appointment to manage the £35 million equity portion of the Midlands Engine Investment Fund (MEIF). Investing £250,000 – £2m in high growth opportunities and the Midlands most ambitious entrepreneurs.