Private placement provides development funding

Xenics has successfully increased its capital to the tune of Eur 1.5 million.

Xenics has successfully increased its capital to the tune of Eur 1.5 million.

This second round of funding will allow the company to deploy its international sales network fully and to focus on establishing international partnerships.

Investors in this second round of funding include Xenics' current shareholders, Fortis Private Equity, IMEC, Xenics' staff, and a group of business angels.

An important new investor is Software Holding and Finance.

Xenics is ready to introduce a range of new products and is now working on the expansion of its sales networks.

"This capital increase demonstrates investors' confidence in the future of our company as an innovator in infrared detection", said Bob Grietens, CEO of Xenics.

Xenics, a spin-off company from Imec, is Europe's premier supplier of infra-red image sensors based on III-V InGaAs technology.

Applications targeted are spectroscopy, telecommunication and medical and industrial imaging where visible light offers no solution.

Imec, Europe's largest independent microelectronics and nanotechnology research centre, continues to invest in its spinoff.

Xenics closely collaborates with the research centre on developing new technologies to remain at the forefront of state-of-the-art infra-red imaging.

"The continuous support of Imec is crucial for our company, and allows us to position ourselves with a long-term vision on the future of infra-red technology", said Grietens.

The new round of capital funding will allow Xenics to fully deploy new sales networks and attract international partners, while continuing to develop state-of-the-art infra-red image sensors based on advanced infra-red technologies.

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