Redlen Technologies, a Saanichton, BC, Canada-based manufacturer of high resolution Cadmium Zinc Telluride (CZT) semiconductor radiation detectors, completed a $5.5m financing.
The round was led by Pangaea Ventures with participation from other major investors including In-Q-Tel. In conjunction with the funding, Chris Erickson, the founder of Pangaea Ventures, joined the company’s Board.
Led by Glenn Bindley, President and CEO, Redlen manufactures high resolution Cadmium Zinc Telluride (CZT) semiconductor radiation detectors which are enabling a new generation of high performance detection and imaging equipment including Nuclear Cardiology, Nuclear Breast Imaging, CT Scanning, Baggage Scanning and Dirty Bomb Detection.
The company intends to use the funds to complete the development required to commercialize a number of new detector products including detectors for use in medical CT imaging, bone densitometers, dental imaging, and for advanced baggage scanning detectors which detect liquid or homemade explosives.