HALO X-ray Technologies has announced the Innovation Science & Seed Fund (UKI2S), a venture fund science and technology focused venture capital fund, led a £2M Series A investment funding round alongside Agilent Technologies Inc. and the Midlands Engine Investment Fund (MEIF) through the MEIF West Midlands Equity Fund, managed by venture capital firm Midven to advance HALO’s XRD screening solutions.
“We are thrilled to have the support of market leader Agilent to join with UKI2S and Midven,” said Simon Godber, HALO’s Chief Executive Officer. “This investment will support HALO’s principal goal to substantially reduce false alarm rates for global checkpoint screening systems, leading to faster passenger throughput and significant reductions in airport operational costs. Agilent’s investment along with its product development and manufacturing expertise in global security and field detection markets will help us deliver critical new screening capability to address aviation security and international customs and borders screening challenges. We welcome the support of UKI2S and the continued backing from the MEIF through Midven, to help drive the business through these next important periods of rapid growth”.
“HALO’s innovative XRD platform enables through-barrier identification of chemicals and materials and makes this long-promised capability available, so it can be used in a wide range of security and contraband detection missions,” said Geoff Winkett General Manager & Vice President Molecular Spectroscopy at Agilent Technologies.
Andy Muir, Investment Director for UKI2S and Future Planet Capital Group said: “Investment in innovation is critical to the future of global security, which is why we are delighted to invest in HALO from our Defence and Security portfolio within the UK Innovation & Science Seed Fund. Our part in this raise is not only to invest, but also to identify and amplify co-investment into organisations that have scalable opportunity via dual-use capabilities. Congratulations to the whole team in this vital next stage of HALO’s growth.”
Andy Bard, Portfolio Manager at Midlands-based venture capital firm, Midven, part of the Future Planet Capital Group, said: “We are pleased to continue to invest in HALO’s effective XRD platform and operationalise the advancements the HALO team has achieved that make XRD a high value and deployable solution. Our investment will support key deployments to European airport screening operations and add sales and logistical support for installations in Europe and the US”.
The Midlands Engine Investment Fund project is supported financially by the European Union using funding from the European Regional Development Fund (ERDF) as part of the European Structural and Investment Funds Growth Programme 2014-2020 and the European Investment Bank.
