EnXray Ltd, a sterilization technology company, today announced that it has raised in excess of $1 million (£800k) in its second venture capital-led equity funding round.
The funds will support the further development and commercialization of the company’s (patent-pending) Low Energy X-ray (LEXR) sterilization technology.
Ed Cappabianca, Co-founder and CEO of EnXray, said: “The investment came from a combination of existing and new investors, including regional venture funds, a corporate investor and individual investors who have experience of investing in early-stage companies. The round was anchored by the Northwest Fund for Biomedical, an existing investor, and a new institutional investor – CBC Holdings AB that matched the Northwest Fund’s investment in this round. This equity round, combined with the £2 million loan facility available to us under the UK Government’s Advanced Manufacturing Supply Chain Initiative (AMSCI), ensures that we can successfully commercialize our technology in 2017.”
EnXray also announced that its first prototype unit has been installed at its partner SMS Electronics in Beeston. It is currently being developed into a commercial version for customer demonstrations and validation. EnXray expects to start product sterilization testing for potential customers in Q4 2016.