IMSPEX Diagnostics Limited has completed its GBP1.4 million funding round led by Finance Wales and the Angel CoFund.
The funds will be invested in establishing a group administration and sales team who will be based in Abercynon.
IMSPEX acquired Dortmund based technology company G.A.S GmbH in January 2013. The subsidiary develops and manufactures the group’s range of analytical instrumentation based on Ion Mobility Spectrometry (IMS). The lead products are the Siloxane and Beer analysers. The Siloxane device monitors the quality of biogas in real time, ensuring it is sufficiently clean to pump on to national gas grids. The beer analyser offers brewers a range of analytical tests that can be performed at point of use in the brewery.
Finance Wales and the Angel CoFund, who were joined in this round by a number of private investors, led the financing.
Ann Casey, investment executive at Finance Wales, says: “Finance Wales is pleased to join forces with the Angel CoFund to lead this investment, which comes at a crucial time for IMSPEX. IMSPEX’s core IMS technology is impressive, revenue earning and has potential in a number of key new markets. The company will now be able to develop and commercialise new applications for IMS with the backing of this investment and we wish them well.”
Tim Mills, investment director, Angel CoFund, says: “The Angel CoFund was set up to ensure that cash gets to UK high growth businesses where it’s needed – and we are particularly pleased to be investing in IMPSEX, both as a fantastic UK tech business, and also as our first investment into Wales. Wales has a thriving start-up community and this is just the beginning of the Angel CoFund’s interest in Welsh high growth businesses.”
Santi Dominguez, IMPSEX’s executive chairman, says: “The successful completion of this financing round in these challenging economic times demonstrates investor confidence in IMSPEX’s IMS technology and our growing product range in key markets. With this funding, IMSPEX is now able to establish a globally facing sales force which will enable us to grow our revenue streams and reach profitability.”
