The Swedish company Scint-X AB 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 AB, 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 web site at www.scint-x.com or contact:
Mikael Andersson, mikael.andersson(at)scint-x.com, +46 70 515 2600
Jarkko Penttilä, jarkko.penttila(at)conor.vc, +358 50 516 6420
Martin Gemvik, martin.gemvik(at)stingcapital.com, +46 70 578 9562
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