Phoenix, the Monona-based nuclear technology company that builds neutron generators, is raising $10 million in equity funding to hire more employees and meet demand for its technology.
The company has so far raised $999,781 of that $10 million goal, according to the U.S. Securities and Exchange Commission. The capital will “support the company’s growing personnel and manufacturing infrastructure needs driven by increasing demand for its technology in the healthcare, defense, and aerospace markets,” according to a statement from the company.
Company leaders also plan to hire 25 additional full time employees in 2020.
Phoenix is currently completing construction on a new corporate headquarters in Fitchburg, on the same plot as its recently opened Phoenix Neutron Imaging Facility. The 50,000-square-foot building will allow the company to add an estimated 50 full-time employees.
Neutron imaging provides detailed information on the internal structure of objects, including high-density material, and reveals features that other methods, like X-ray, cannot. In addition to neutron imaging, the imaging center, also called PNIC, serves as a testing center and will provide neutron activation analysis, radiation effects testing and X-ray imaging.
It is the first industrial radiography facility of its kind to provide both X-ray and neutron imaging services, according to Phoenix.
Phoenix secured $4 million in funding from the U.S. Army in 2019 to build its neutron imaging technology for defense purposes, and this past January, announced another $10 million award from the Army.
