Total amount raised
$26.6 Millions
Latest funding date
Location
Phoenix has successfully raised funding through multiple rounds, with notable investors including the United States Army and Silicon Pastures. The company specializes in neutron imaging technology, providing high-resolution, reliable imaging solutions for industries such as aerospace and defense.
Keep reading to explore the intricacies of Phoenix's fundraising journey and the investors backing this innovative platform.
What Is Phoenix?
Phoenix, founded in 2005 by Gregory Piefer, is based in Madison, Wisconsin. The company specializes in designing and manufacturing high-yielding neutron generators and commercializing nuclear technologies for practical applications. With a team of 11-50 employees, Phoenix aims to produce clean fusion energy and markets its technologies across medicine, defense, and energy sectors.
How Much Funding Has Phoenix Raised?
- Round Name: Venture Round
- Amount Raised: $2M
- 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 such as munitions and pyrotechnics.
- Round Name: Debt Financing
- Amount Raised: $3.2M
- Date: March 2015
- Lead Investors: -
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support ongoing research and development efforts.
- Round Name: Debt Financing
- Amount Raised: $790.7K
- Date: January 2016
- Lead Investors: -
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To design and build a second-generation neutron generator for detecting defective munitions and to conduct standoff buried IED detection using a mobile neutron generator prototype.
- Round Name: Venture Round
- Amount Raised: $12M
- 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 technology and support commercialization efforts.
- Round Name: Venture Round
- Amount Raised: $4.5M
- Date: January 2019
- Lead Investors: -
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To further develop and market neutron imaging solutions.
- Round Name: Grant
- Amount Raised: $4M
- 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, including high-throughput, high-resolution thermal neutron imaging and fast neutron imaging systems, and to fuse neutron radiographs with X-rays for hybrid imaging.
Total Amount Raised: $26.49M. 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. It has been a significant investor in Phoenix, providing multiple rounds of funding for neutron-based nondestructive testing technologies.
- Investment Focus Areas: Defense, military technologies.
- Notable Investments: $3M contract in 2014, $3.6M combined contracts in 2016, $4M contract in 2019.
- Venture Management
- Details: Venture Management is a venture capital firm that invests in early-stage companies. They focus on providing strategic guidance and financial support to foster innovation and growth.
- Investment Focus Areas: Technology, healthcare, industrial sectors.
- Notable Investments: Not publicly disclosed.
- Deerfield
- Details: Deerfield is a healthcare investment firm that manages billions in assets. They invest in companies that aim to improve healthcare outcomes and efficiencies.
- Investment Focus Areas: Healthcare, biotechnology, medical devices.
- Notable Investments: Not publicly disclosed.
- Silicon Pastures
- Details: Silicon Pastures is an angel investment group that supports early-stage companies, particularly in the Midwest. They provide both capital and mentorship to foster innovation.
- Investment Focus Areas: Technology, healthcare, consumer products.
- Notable Investments: Not publicly disclosed.
What's Next for Phoenix?
Phoenix's future looks promising with the opening of its Neutron Imaging Center (PNIC) in Fitchburg, Wisconsin. This facility will not only offer neutron radiography as a service but also serve as a testbed for neutron-based research experiments. The potential to integrate these systems into industrial sites across the country presents a significant growth opportunity.
As the demand for advanced inspection technologies in defense and aerospace sectors grows, Phoenix is well-positioned to secure additional contracts and investments. However, the company may face challenges such as technical difficulties in fusing neutron radiographs with X-rays and competition from other firms. Ensuring regulatory compliance and meeting customer expectations will be crucial for their continued success.
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