London-based university spin-out Phosphonics has secured £3.5 million in a second round of financing from investors including Seventure Partners.

London-based university spin-out Phosphonics has secured £3.5 million in a second round of financing.

The round was led by European venture capitalist Seventure Partners, marking the first time Seventure has invested in the UK. Phosphonics’ existing investors also participated.

The company has developed so-called “metal scavenger” products, which it claims help to recover precious metals such as platinum where they occur in extremely low concentrations.

The new capital will enable the Queen Mary University spin-out to expand its team, accelerate the launch of its products and seek further applications of its technology.

Ian Wilcock of Seventure will join Phosphonics’ board.