Mass High Tech - January 8, 2007
lands $27M in new funding
Innov-X Systems Inc. reports it has received $27 million in venture funding from Boston-based Summit Partners Inc.
Innov-X Systems, based in Woburn, specializes in chemical detection technologies. Its 3-pound device -- the size of a handheld inventory gun -- detects elements such as cadmium and mercury. The devices have been used in a range of applications, including forensics analysis of the Discovery Shuttle for NASA and environmental compliance for the electronics industry.
Innov-X Systems is in the process of doubling its office space. The company has been profitable since 2003, reporting revenue that's approaching the $50 million mark and employees that now number more than 100, said Drew Hession-Kunz, vice president of finance.
The company is privately held and was founded in 2001. It maintains offices in the Netherlands, China, Canada, and Dubai of the United Arab Emirates. Innov-X's core technology is X-ray fluorescence used for elemental analysis.
Summit Partners was founded in 1984 and maintains offices in London and Palo Alto, Calif. The company has raised $9 billion in funding, according to company reports.