A FIRM providing scanners to fight terrorism and cancer has revealed a £3m funding deal to push on with expansion plans.
Kromek, based at NetPark, in Sedgefield, County Durham, is being backed by working capital from HSBC.
Bosses say the cash will be used to support the firm’s growth across a number of markets.
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The company is best known for pioneering a scanner capable of identifying liquids in bottles, including explosives, alcohol and narcotics, which is now used at more than 40 airports worldwide.
Arnab Basu, Kromek’s chief executive, said: “While we are continuing to make significant progress with our product portfolio approach, this financing will enable us to accelerate on executing our longer-term strategy to become the preferred component supplier to major manufacturers.”
Last month, the company signed contracts worth a combined $1.1m, which included $564,000 in new orders to supply radiation detectors and components to a technology firm behind equipment used to diagnose the strength and health of bones.
It also secured $367,000 work with an Asian customer to send imaging equipment for nuclear and security applications, and picked up a £120,000 repeat order from a US manufacturer for radiation detection products.
Referring to the £3m agreement, Amanda Murphy, HSBC’s UK head of corporate banking, added: “I’m delighted we have had this opportunity to support Kromek.
“It is an expanding UK business with a truly global customer base.”