Albion Ventures LLP (“Albion”) and the London Technology Fund (“LTF”) can today announce that their portfolio company Dexela Limited (“Dexela”) has been sold to PerkinElmer Inc., a US healthcare technology leader.
Dexela is a London-based developer of innovative technologies for fast, low-dose X-ray imaging. Formed in 2005, it initially pioneered developments in breast tomosynthesis, an advanced imaging technique focused on the early detection of breast cancer. In 2009, Dexela launched a family of flat panel CMOS X-ray detectors for a range of applications including mammography, fluoroscopy, dental CT, cardiology and non-destructive testing (NDT). These products have been exported to OEMs around the world including Europe, USA, Korea and China.
PerkinElmer is a global leader in advanced technology solutions that address the world's most critical health and safety concerns. It has operations in more than 150 countries and a market capitalisation of approximately US$3 billion.
Albion invested a total of £2.6m in Dexela, initially as lead investor in 2006, after being attracted to their optimised approach to digital imaging with low-dose X-Rays. Albion and the LTF led a syndicate which included NESTA, that invested over £3m between July 2008 and January 2009 to further exploit the growing number of commercial opportunities within the digital imaging market. Investors expect to make up to three times return on their investment.
Andrew Elder, Partner, Albion Ventures, said: “This is an excellent result for Dexela and Albion Ventures and testament to Albion’s focus in the healthcare sector. PerkinElmer is a global leader in its space and it is a significant success that they recognise the value in Dexela. At a time when UK start ups are in need of public and private funding this is a superb example of how venture capital backing can help UK small business and it is encouraging that UK talent is attractive to a US S&P 500 company such as this.”
David McMeekin, Chairman of the London Technology Fund, said: “Dexela is an excellent example of the world-class young technology companies developing in London that the fund was set up to support. We were delighted to be able to invest in the company at its early stages and look forward to Ed Bullard and his team continuing to develop Dexela’s important, innovative technology as part of PerkinElmer.”