Redlen Technologies is a Canada-based manufacturer of high-resolution Cadmium Zinc Telluride (CZT) semiconductor radiation detectors. Led by Pangaea Ventures, an advanced materials venture capital fund which is sponsored by several corporations, this latest funding round saw US government-backed venture fund In-Q-Tel reinvest in Redlen.
Redlen’s total disclosed funding amounts to C$13.3m ($8.6m). However, in May 2013, In-Q-Tel backed Redlen with an undisclosed sum. Other historical investors in Redlen include the Canadian firms BC Advantage Funds, GrowthWorks Capital and Yaletown Venture Partners.
Glenn Bindley, president and chief executive of Redlen, said: “This financing enables us to significantly accelerate the growth of our business, and it will enable us to put in place the human and capital resources we require in order to exploit the numerous customer opportunities that are presenting themselves as CZT technology gains acceptance in strength in the marketplace.”
The CTZ detectors made by Redlen enable a new generation of high performance detection and imaging equipment including nuclear cardiology, nuclear breast imaging, computerised tomography (CT) scanning, baggage scanning and ‘dirty bomb’ detection.
Chris Erickson, Pangaea Ventures general partner, said: “We led this investment round in Redlen based on the leadership position the company has established in semiconductor radiation detection and imaging. We believe the company’s products will have a significant impact in key applications such as CT scanners – providing more accurate diagnosis and lower radiation dose.”
The company will use proceeds from this financing to further expand its product line and volume production capabilities for its precision radiation imaging and detection products.
Announced at the same time was the appointment of Chris Erickson to Redlen’s Board.