Tribogenics Raises $6.2 Million Series A Round Led by Founders Fund Company is focused on product development for commercial partners
MARINA DEL REY, Calif., Sept. 24, 2012 /PRNewswire/ -- Tribogenics, a producer of innovative X-ray sources, announced today that it has closed a $6.2 million Series A financing round led by Founders Fund. The company previously received $2.5M in funding from Flywheel Ventures and other angel investors.
"We are excited to work with Founders Fund because they have a passion for building great companies that successfully pursue real innovation through disruptive technologies," said Dale Fox, President and CEO of Tribogenics. "This investment will help us accelerate development of our new X-ray sources that promise to dramatically influence a number of large markets."
"X-ray sources haven't experienced major innovation in almost a century. Advancing the state of the art advances discovery and we're delighted to help Tribogenics pursue their vision," said Bruce Gibney, partner at Founders Fund, the San Francisco-based firm that was an early investor in companies from Facebook to SpaceX.
With this new round of funding, Tribogenics will expedite time to market by hiring additional engineers and scientists as well as expanding the size of its internal R&D facility. The company plans to launch its lineup of small X-ray sources designed for new compact XRF devices in 2013 and is currently identifying key industry partners to co-develop the first commercial products based on this new technology.
Tribogenics develops low-cost, miniature, ultra-portable X-ray sources that power transformative solutions in mining, industrial, military and medical imaging industries. Based on a DARPA-funded initiative at UCLA, Tribogenics technology eliminates the need for high voltage and enables the use of X-rays in a variety of applications that aren't possible with existing technology. To learn more visit www.tribogenics.com.
SOURCE Tribogenics Inc.