The Swedish company Scint-X will use the funds to grow its business on the international arena and to build up high-volume manufacturing capacity.
Espoo, Finland and Kista, Sweden - May 5, 2011 -
Scint-X, the developer of a novel and unique x-ray
scintillator device based on its patented structured scintillator
technology, announced that it has secured SEK 10 million in Growth
Capital from Conor Venture Partners and STING Capital.
The funds will be used to build up a growth-oriented
organization to secure the internalization of the unique
scintillator business, and to build up high-volume manufacturing
capacity in Kista, Sweden.
Scint-X has its technology roots at KTH Royal Institute of
Technology, and has further developed a patented technology to
serve x-ray industry with its attempts to improve image quality for
applications where high resolution is required without a trade-off
with sensitivity. As one customer states: "With this new
scintillator technique, the x-ray business will go to a next level
in terms of resolution."
"The capital injection will boost the company to build a
stronger organization to support its present and future customers.
Our target is to become de-facto standard in the market. Conor
shares the target with us and we've started already before the
investment to work with a common growth plan how we will ensure we
can fulfill our present and future customer needs. We welcome the
new investor to join the team, which further enhances our high
aspiration level.",comments Mikael Andersson, CEO at Scint-X.
"Scint-X ́s technology exhibits benefits in all x-ray market
segments where ability to detect small details is highly demanded.
The company has an efficient production process ready to be
scaled-up for high volumes in the market, which has few competitive
offerings. With this Investment we launch the expansion plans
towards creating the Global leading Scintillator Company.",comments
Jarkko Penttilä, Partner at Conor.
"As the first external investor in Scint-X, we have followed the
company during the development phase over a couple of years. Our
further investment shows our strong belief in Scint-X and its
unique Scintillator technology.",comments Martin Gemvik, Investment
Manager at STING Capital.
For more information please visit Scint-X at
www.scint-x.com or contact:
Mikael Andersson, mikael.andersson(at)scint-x.com, +46 70 515
Jarkko Penttilä, jarkko.penttila(at)conor.vc, +358 50 516
Martin Gemvik, martin.gemvik(at)stingcapital.com, +46 70 578
Scint-X develops and markets a technology for
enhancing the performance of x-ray digital imaging detectors, based
on its patented and innovative structured scintillator technique.
Scint-X enables its customers to build x- ray systems with
unprecedented image quality and with very high resolution.
For more information, please visit www.scint-x.com
Conor Venture Partners is a leading early-stage
technology VC investing in Nordic and the Baltics. Conor invests in
disruptive technologies in ICT, embedded systems, electronics, new
materials and optics.
For more information, please visit www.conor.vc
STING Capital is one of the few venture capital
funds in Sweden that invests at the earliest stages of development
- even before there is a finished product or paying customers.
STING Capital is a commercial VC fund that takes big risk and
expects high returns. The early-stage VC fund is often the first
external investor to offer business ideas or concepts financial
support, and can invest up to SEK 4 million per business.
For more information, please visit www.stingcapital.com