Symetrica raises £3m in growth funding from Parkwalk and Nesta to expand US operations
The Southampton radiation detection specialist secured £3m from existing backers to fund its US expansion.
Symetrica manufactures radiation detection products for military and homeland security applications, including handheld sensors, vehicle detectors and drive through scanners. The Southampton University spinout employs 75 people across the UK and the US.
Symetrica has secured £3m in growth funding from existing backers to accelerate its international expansion. The investment round was co-led by Parkwalk and Nesta, with additional participation from Albion Investments, Technology Venture Partners and Tennants Ventures. The capital will be primarily directed towards expanding the firm's footprint in the United States, including a larger manufacturing site in Massachusetts. This transaction brings the company's total funding to £10m following three consecutive years of profitability.
From the founder
"We are delighted to have secured this latest round of growth funding, which has demonstrated continued support from existing investors and will enable us to take full advantage of the global growth opportunities we are presented with. Our range of market leading radiation detection technologies provide real world solutions to real world challenges and expanding our operations in the US is a key tenet of our growth strategy."
Heddwyn Davies
CEO at Symetrica
Investor perspective
"We remain extremely excited about the business prospects for Symetrica. This is world leading technology which is essential for protecting the general public from the worst type of terrorist threats."
Neil Cameron
Investment Director, Parkwalk
Use of funds
- 01Expand into international markets