PhosphonicS, a London-based company deploying novel technology to recover precious metals such as platinum, rhodium and palladium from process, waste and effluent streams, has secured £3.5m (approximately $5.75m) in a second financing round.
The investment was led by Seventure Partners with additional participation from existing backers Regents Park Partners, a LBS venture capital fund, and private investors.
The new capital will be used principally to fund the global market development of a range of precious metal catalyst recovery products.
Currently, expensive metals such as platinum, rhodium and palladium are lost in dilute, low parts per million waste streams. PhosphonicS precious metal scavenger products make economic recovery of these valuable metals possible thereby eliminating waste and improving process economics.
In conjunction with the financing, Iain Wilcock of Seventure will join the company’s board of directors.
PhosphonicS is a spin out from Queen Mary University of London.