Venture capitalArktis closes $2 million financing round

Zürich, Switzerland-based Arktis Radiation Detectors Ltd. successfully closed a round of financing, worth $2 million.

The company says the closing demonstrates investors’ confidence in Arktis’s technology and business perspectives.

Arktis Radiation Detectors Ltd. is a start-up which is a spin-off of the leading Swiss technical university ETH Zurich.

 “This recent financing round shows investors’ confidence in Arktis. We are on track and will further pursue our goals with perseverance”, said Arktis CEO, Dr. Rico Chandra.

The financing round will provide a financial basis as the company expands its revenues to achieve break-even next year.

Arktis has also moved its headquarters to new premises in Zurich. The new location provides the right conditions to build up production capabilities to execute current contracts, and it offers enough space for further growth.

Arktis Radiation Detectors specializes in radiation detection for the interdiction of smuggled radiological materials and other nuclear safety applications.

Launched by a development team of CERN alumni, Arktis’s proprietary fast neutron detection technology offers an innovative detection method for discovering well-shielded nuclear materials (for example, uranium, plutonium).

Arktis has active proposals currently being evaluated by U.S. and European government agencies, and already has customers in the United States.

Since its incorporation in 2007, Arktis has won some of the most prestigious Swiss entrepreneurial prizes, among them from McKinsey & Co, ZKB, DeVigier, IMD, and Venture Leaders.

The company has twelve employees.