HALO X-ray Technologies (HALO), a company which owns patented next generation X-ray technology, has secured investment from venture capital firm Midven and the Midlands Engine Investment Fund (MEIF).
HALO was established in 2012 by Nottingham Trent University and Cranfield University to commercialise patented X-ray diffraction technology, based on research carried out by Professor Paul Evans and Professor Keith Rogers.
The finance injection will allow HALO to create 20 engineering and software development jobs over the next three years, as it focuses on the commercial exploitation of its technology and develops new systems with reduced time to market.
The firm’s platform technology enables materials to be scanned and identified at commercially viable inspection speeds across a variety of markets. New systems based on this technology are already being developed for aviation security, providing accurate identification of restricted materials within luggage.
Simon Godber, CEO of HALO X-ray Technologies, said: “We are delighted to have received the investment from Midven. It will allow us to move the business onto a more commercial footing, recruit the necessary specialised staff and reduce time to market. We want to surpass our prior expectations to enhance security, improve passenger experience and increase throughput, all whilst reducing overall costs for airports.”
Roger Wood, Director at Midven, said: “HALO has developed a cost-effective and potentially disruptive additive technology that could bring significant passenger safety and commercial benefits to the airport security market. The MEIF investment will enable the company to complete commercialisation of its initial products and focus on business development activities and customer engagement.”
Rob Evans, Technology Transfer Manager at Cranfield University, said: “Halo is a great example of how technology transfer from university research can work, with practical and applied solutions. Following the investment from Midven, we are confident that Halo will build on the work of Professor Keith Rogers and Professor Paul Evans and progress to full commercialisation with installation of systems around the world.”
Professor Nigel Wright, Deputy Vice-Chancellor – Research and Innovation – at Nottingham Trent University, said: “In securing this significant investment, Halo has taken an important step towards bringing this innovative technology to the market and to making travel safer for all of us. It’s an excellent example of how collaborative research between universities can lead to the development of technologies which significantly benefit society.”