Phoenix (FKA Phoenix Nuclear Labs), a Monana, Wis.-based developer of nuclear technology, closed on $12M in funding.
The round was led by New York-based Deerfield Management Company with participation from several Wisconsin-based investment firms.
The company intends to use the funds to accelerate its next stage of growth, to expand its breadth of product offerings across healthcare, nuclear and solar energy, semiconductor processing, industrial imaging, and defense.
Led by Ross Radel, President, Phoenix is commercializing a high intensity neutron and proton source for applications in healthcare, energy, and defense, including neutron radiography, semiconductor processing, nuclear fuel manufacturing, explosives and nuclear material detection, and medical isotope production.
The company has 56 employees and intends to add approximately 30 additional employees through the end of 2018.