Contact:
Evan Sengbusch, PhD, MBA
Vice President, Business Development
Phoenix Nuclear Labs
(608) 210-3060
sengbusch@phoenixnuclearlabs.com
PNL raises $2M in equity financing
Monona, Wis. – Phoenix Nuclear Labs (PNL) announced today that it closed a $2M equity fundraising round to support several key hires and to continue the scale up of its manufacturing infrastructure, as it transitions from R&D into commercialization of its platform neutron generator technology.
The financing round was led by Venture Management LLC, a Madison-based investment firm. Other participants in the round included Wisconsin Investment Partners, New Capital Fund, Knox LLC, the Chippewa Valley Angel Investment Network, DJW Advisors, and Mendota Venture Capital.
“PNL is extremely fortunate to have such a strong support base of Wisconsin investors,” said PNL President Ross Radel. “PNL is building a lot of momentum in a few key markets, and this new funding will allow us to accelerate our technology development and really push hard on commercializing our revolutionary neutron generator technology.”
The PNL neutron generator, which has been under development for almost ten years, generates 1000 times more neutrons than other off-the-shelf neutron generator technologies. This drastic performance increase represents a fundamental shift in efficiency for applications like neutron imaging of aerospace components and medical isotope production.
Over the previous year, PNL’s technology has matured to a point where “turn key” neutron generators are now commercially available. “With part of this new equity financing, we are excited to make some important hires in sales and marketing at PNL,” said Evan Sengbusch, VP of Business Development. “We’ve spent a lot of time and money developing a pretty amazing technology, and now its time to start letting the world know that it’s available.”
In 2015, PNL will be building a next-generation neutron imaging system for the US Army and will be working to expand its manufacturing capabilities. The company anticipates demand for its technology from the DoD, as well as the commercial sector, will continue to increase over the next several years. PNL is located in Monona, WI and has grown over the last three years from 5 to over 30 employees.
About Phoenix Nuclear Labs
Founded in 2005 in Middleton, WI, Phoenix Nuclear Labs has developed a proprietary, particle accelerator-driven, nuclear fusion technology that has applications ranging from medicine to national defense. The company is focused on commercializing its core neutron generator technology for near term applications including neutron radiography imaging for the nondestructive evaluation and quality control of military and aerospace components, medical isotope production, and the detection of explosive devices. For more information, visit: http://
