Press Releases
Radiation Watch
April 2004
London, UK – Radiation Watch announced today that Seven Spires Investments Limited has become a strategic investor in the company following the completion of a £450K seed funding round. The move provides a platform for Radiation Watch to complete the final stage of its ambitious product development programme and to release its first products to market.
Founded in May 2003, Radiation Watch has developed a revolutionary solid state technology that safeguards the global community of radiation hazard workers like no other in the market. The unique technology allows the spectroscopic measurement of radiation, which it calls ‘Direct Dose Detection ™’ or ‘D3™’. Targeted at the homeland security, health physics and instrumentation markets, D3™ technology has the potential to revolutionise the handheld/mobile measurement device market by providing a unique solution for users needing spectroscopy and isotopic identification.
Commenting on the news, Radiation Watch CEO Peter Doughty said, “It is an exciting time to be bringing this innovative technology to market. Homeland security is a new and largely undeveloped major market with some clearly defined needs, which are not being met. ‘Direct Dose Detection™’, with its unique and unchallenged method of addressing these needs, is well positioned to become a pervasive technology in this space, as well as a significant player in both the health physics and instrumentation markets.”
Professor Ian Page, who will represent Seven Spires on the Board of Radiation Watch said, “The Company’s strong management team and their solid execution of the product development programme has clearly caught the attention of major players in the market. The breakthrough functionality of D3™ technology and the timing of its release to market, put Radiation Watch in a very strong position at the launch. This was one of our easier investment decisions.”
Eddie Harding of ICON Corporate Finance who coordinated the transaction for Radiation Watch added “This is an impressive new venture that ICON has been delighted to advise from its inception. There has been strong and growing interest in the company and we are delighted to have secured Seven Spires as an early stage investor.”
Paul Cooper, Partner at law firm Osborne Clarke, advised Radiation Watch on the deal said “This was another highly promising technology initiative that Osborne Clarke was engaged to advise on. Radiation Watch’s choice of legal partner was based on a requirement for a comprehensive range of corporate services and a commitment to a strategic relationship. We look forward therefore to supporting the company as it continues to develop and grow”.
About Radiation Watch
Radiation Watch develops and manufactures a broad range of radiological measurement and metrology solutions for the homeland security, health physics and instrumentation markets based on its ‘Direct Dose Detection ™’ technology (D3)*. Supplying major OEM customers in these global markets, Radiation Watch delivers unique solid-state solutions for end-users requiring spectroscopy and isotopic identification.
D3 uniquely offers:
· spectroscopic measurement of radiation energy
· real-time, highly accurate information without dose saturation
Safeguarding the global community of radiation hazard workers like no other in the market.
For more information, please visit: www.radiationwatch.co.uk
