Durham tech firm launches £13m fundraise to expand sales

A Durham technology firm has announced that it is aiming to raise up to £13m to expand its sales.

Kromek, a supplier of detection technology focusing on the medical, security screening and nuclear markets, has announced that it is launching a placing to raise up to £13m before expenses.

The net proceeds will be used to de-risk and commercialise bio-security/pathogen detectors and increase the rate of commercialisation, to expand sales and marketing for the group’s nuclear detection and medical imaging activities.

Rakesh Sharma, chairman of Kromek, commented: “We thank our current and potential new shareholders for their commitment and interest in supporting Kromek.

“This investment will help us with our next phase of growth and to become cash flow positive and achieve operational profitability.

“These funds in the short term will enable us to accelerate the commercialisation of our biological threat detection technology as well as the delivery of our nuclear detection and medical imaging pipeline.

“As such, the board recommends all shareholders to vote in favour of the proposals, which will allow us to capitalise on the substantial opportunities with which we are presented.”