UK-headquartered Metrasens has secured an undisclosed investment amount through a deal led by Octopus Investments.
The transaction represents the second time that Octopus has backed the business. In February 2010, Octopus led a £1.5 million round from its Octopus Titan VCTs, together with the firm’s Eureka EIS service and the Octopus Investor Group.
Founded in 2005 by two former employees of defence company QinetiQ, Metrasens has developed products for use in MRI units in hospitals, as well as for other niche applications such as street knife detection.
Its portable fully body scan system is currently being used in prisons, police operations, embassies and hotels. Alongside its UK headquarters, Metrasens also has a base in Illinois, USA.
Joining Octopus in the investment round is C5 Partners, a new investment company focused on the safety and security technologies sector.
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Metrasens CEO Simon Goodyear comments, ‘This is a very exciting stage in the growth of Metrasens, the investment from C5 and Octopus will enable us to accelerate our ambitious plans for growth.’
Luke Hakes, principal on the ventures team at Octopus, adds, ‘Metrasens has an impressive team behind it that is taking the business from strength to strength as it continues to increase its global footprint.
‘The opportunity for it to build on its existing market share is significant and we look forward to continuing to work with the team to support the business through this next stage of development.’
The transaction for Octopus represents its first of 2013. Dealmaking in 2012 saw the firm back companies including ski equipment and apparel provider The Faction Collective, autobiography business LifeBook and early-stage video production company Aframe.
Other companies in its portfolio include property website Zoopla, snack service Graze.com, and travel services business Secret Escapes.