Welsh business IMSPEX Diagnostics has turned to equity financing as part of plans to build out point of use devices containing Ion Mobility Spectronomy (IMS).
The company’s devices are used for monitory quality control in the food and drink, environmental and fragrance sectors, conducting tests such as determining the quality of biogas or determining whether beers have reach maturity.
Regional backer Finance Wales has been joined by the government-funded Angel CoFund in the £1.4 million deal, with a number of other private investors also contributing.
Santi Dominguez, executive chairman at IMSPEX, comments, ‘The successful completion of this financing round in these challenging economic times demonstrates investor confidence in IMSPEX’s IMS technology and our growing product range in key markets.
‘With this funding, IMSPEX is now able to establish a globally facing sales force which will enable us to grow our revenue streams and reach profitably.’
In January, IMSPEX purchased Germany technology company G.A.S – a business which now develops and manufactures IMSPEX’s analytical instrumentation. With £1.4 million now in the bank, IMSPEX will establish an administration and sales team, based in Abercynon, to push these devices out into the market.
Tim Mills, investment director at the Angel CoFund, adds, ‘The Angel CoFund was set up to ensure that cash gets to high growth businesses where it’s needed – and we are particularly pleased to be investing in IMSPEX, both as a fantastic UK tech business, and also as our first investment in Wales.
‘Wales has a thriving tech start-up community and this is just the beginning of the Angel CoFund’s interest in Welsh high-growth businesses.’
More on the Angel CoFund:
- Healthy beverage brand Koji latest repeat investment for Angel CoFund
- Angel CoFund joins investors at BaseKit
- Gousto raises further investment from Angel CoFund
New backer Finance Wales has now invested in excess of £340 million through 3,380 investments and currently manages more than £400 million.