Apr 13 2010
Phosphonics announced today that it has received an additional £3.5m (US$5.75m) million funding.
This new capital will allow the company to expand its core team, accelerate the launch of the precious metal scavenger product range in numerous international markets, and continue the development of further industrial applications based on the company’s proprietary chemistry to make functionalised silicas.
This second round funding was led by pan-European venture capital firm Seventure Partners. This is the first time that Seventure has invested in the UK. Existing investors participated in the round.
"The success of this funding round is a great vote of confidence in our unique technology and the dedication and enthusiasm of the team that has been developing since the company was spun out of Queen Mary University of London," said David Astles, PhosphonicS' CEO.
"Our most recent results from successful plant scale trials clearly demonstrate the potential of our technology and have caught the interest of customers and potential partners throughout our target markets. We are very excited by the prospects and look forward to building the precious metal recovery business and new applications for our materials."
Nick Cross, Chairman, said "With this new financing we will be able to accelerate the commercial development of our proprietary functional silica chemistry platform. It is very encouraging to have secured investment from a new value-add investor, such as Seventure when venture capital funding in the UK is so very scarce.”
Seventure General Partner, Isabelle de Cremoux, said "PhosphonicS is an exciting company based around a novel chemistry platform. The company has already sold its scavengers commercially. With technology and market potential already validated through customer traction, PhosphonicS represents a compelling investment opportunity for us in the Cleantech area. PhosphonicS is Seventure’s first investment in the UK and we look forward to working with David and other members of this entrepreneurial executive team."
Iain Wilcock of Seventure will join PhosphonicS’ Board of Directors. Wilcock comes to PhosphonicS with extensive experience of Healthcare and Cleantech investing. He has previously served as a non-executive director of a number of companies, including Avidex, Oxxon Therapeutics, Xention, and Vivacta. He also represents Seventure on the Board of BiancaMed, Dublin.