Phoenix Nuclear Labs of Madison has completed a $590,500 round of equity fundraising to advance its particle accelerator technology, the company announced today.
The investment round was led by the Madison-based angel investment group Wisconsin Investment Partners and Wisconsin native Fred Mancheski, former chairman and CEO of Echlin.
“We are extremely pleased to have access to the vast range of expertise provided by Fred and the members of Wisconsin Investment Partners,” Ross Radel, president of Phoenix Nuclear Labs, said in a press release. “This equity round will allow us to upgrade our core technology and expand into an entirely new range of applications.”
Phoenix Nuclear Labs is collaborating with SHINE Medical Technologies and the Morgridge Institute for Research to support development of a new process for the production of molybdenum-99, a medical isotope used in tens of thousands of medical imaging procedures each day in the United States. The new process is considered safer, cleaner, and more efficient than current processes and does not use weapons-grade, highly enriched uranium.
The Morgridge Institute for Research recently announced a cooperative agreement totaling $20.6 million including funds from the U.S. Department of Energy’s National Nuclear Security Administration for the molybdenum-99 demonstration project.
Phoenix Nuclear also is under contract with the U.S. Army to develop systems for component testing using neutron radiography.
The company recently moved from Middleton to a larger, 14,000-square-foot facility in Monona, which will be shared by SHINE Medical to facilitate collaboration.
