Kromek raises Series D round

A Durham University spin-out with technology to help detect terrorist threats is now valued at £52 million following a fourth round of financing.

Kromek raised £12.3 million in its ‘oversubscribed’ Series D fundraising, giving it additional capital to enable further product and commercial development.

Following the round, AIM-listed partner company Amphion Innovations holds a 17 per cent stake in Kromek. Amphion CEO Richard Morgan says, ‘Ongoing security concerns worldwide create a critical need for innovative threat detection systems. The success of this fundraising round reflects investor confidence in Kromek’s unique technology.’

Kromek hopes to capitalise on the EU’s planned lifting of the ban on carrying liquids through airports. As part of the planned regulation, airports will be required to have liquid scanning facilities in place by April next year.

The company claims to have developed colour imaging systems for X-rays as well as three-dimensional imaging technology.

Amphion Innovations has shareholdings in eight medical and technology companies, each of which is targeting an exit in excess of US$100 million.

Nick Britton

Nick Britton

Nick was the Managing Editor for when it was owned by Vitesse Media, before moving on to become Head of Investment Group and Editor at What Investment and thence to Head of Intermediary...