Total amount raised
$26.6 Million
Latest funding date
4/1/2019
Location
Phoenix has successfully raised funding over six rounds, with the latest being a grant round, and is backed by notable investors such as the United States Army and Silicon Pastures. The company specializes in neutron radiography, providing nondestructive testing services primarily for the aerospace and defense sectors.
Keep reading to explore the intricacies of Phoenix's fundraising journey and the investors backing this innovative platform.
What Is Phoenix?
Phoenix, located in Madison, Wisconsin, specializes in neutron radiography and nondestructive testing, primarily serving the aerospace and defense sectors. The company designs and manufactures high-yielding neutron generators and commercializes nuclear technologies for practical applications.
Founded with a mission to provide reliable and high-quality imaging without relying on nuclear reactors, Phoenix has a small team of 11-50 employees. The company has been acquired by SHINE Technologies and continues to innovate in neutron imaging, ensuring compliance with industry standards and holding various certifications.
How Much Funding Has Phoenix Raised?
- Grant Round
- Amount Raised: USD 4,000,000
- Date: April 2019
- Lead Investors: United States Army
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To demonstrate innovative neutron-based methods of nondestructive testing using high flux neutron generators.
- Series Unknown
- Amount Raised: USD 4,518,895
- Date: January 2019
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support ongoing research and development in neutron radiography technologies.
- Series Unknown
- Amount Raised: USD 12,000,000
- Date: October 2017
- Lead Investors: Deerfield
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand the company's capabilities in neutron imaging and nondestructive testing.
- Debt Financing
- Amount Raised: USD 790,686
- Date: January 2016
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To fund the development of a second-generation neutron generator for detecting defective munitions.
- Debt Financing
- Amount Raised: USD 3,248,067
- Date: March 2015
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support the creation of a mobile neutron generator prototype for detecting buried IEDs.
- Series Unknown
- Amount Raised: USD 2,000,000
- Date: November 2014
- Lead Investors: Venture Management
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To design and build an accelerator-based neutron generator for nondestructive inspection of critical defense components.
Total Amount Raised: USD 26,558,648. Current Valuation: Not publicly disclosed.
Key Investors
- United States Army
- Details: The United States Army is a branch of the United States Armed Forces responsible for land-based military operations. They have been funding Phoenix's projects since 2007, providing multiple contracts for developing neutron-based nondestructive testing equipment.
- Investment Focus Areas: Military technology, defense systems, neutron-based nondestructive testing.
- Notable Investments: $3 million in 2014 for an accelerator-based neutron generator, $3.6 million in 2016 for a second-generation neutron generator and a mobile neutron generator prototype, $4 million in 2019 for demonstrating neutron-based nondestructive testing methods.
- Deerfield
- Details: Deerfield is a healthcare investment firm that provides capital and strategic support to healthcare companies. They focus on advancing healthcare through investment, information, and philanthropy.
- Investment Focus Areas: Healthcare, biotechnology, medical devices.
- Notable Investments: Not publicly disclosed.
- Venture Management
- Details: Venture Management is a venture capital firm that invests in early-stage technology companies. They provide financial and strategic support to help companies grow and succeed.
- Investment Focus Areas: Technology, early-stage startups, innovation.
- Notable Investments: Not publicly disclosed.
- Silicon Pastures
- Details: Silicon Pastures is an angel investment group that provides funding and mentorship to early-stage companies. They focus on supporting innovative startups with high growth potential.
- Investment Focus Areas: Early-stage startups, technology, innovation.
- Notable Investments: Not publicly disclosed.
What's Next for Phoenix?
With the opening of the Neutron Imaging Center (PNIC), Phoenix is poised to capitalize on significant opportunities in neutron-based nondestructive testing. The facility will not only offer neutron radiography as a service but also serve as a testbed for research experiments, attracting both commercial and government clients. This expansion aligns with industry trends favoring advanced inspection technologies, particularly in defense and aerospace sectors.
Future fundraising prospects look promising, given Phoenix's successful track record with the US Army. Additional contracts and investments from both government and private sectors are likely, especially as the demand for innovative neutron imaging systems grows. However, the company may face challenges such as technical hurdles, regulatory concerns, and competition from other firms in the field.
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