Member Article

IBEX receives £1.2 million funding from North East Technology Fund

The Finance for Business North East Technology Fund, managed by IP Group plc, has completed an investment of £1.2 million in Sedgefield-based IBEX Innovations Limited, as part of a wider £1.9 million funding round.

IBEX, the company behind a revolutionary X-ray detector that delivers safer, higher quality imaging in medical and industrial applications, will use the funds to drive the commercial adoption of its X-ray detectors in both medical and industrial markets as well as for continued product development.

The funding was provided by new investors the NETF and IP Group plc alongside an existing strategic investor.

IBEX has already secured its first licence deal with a leading industrial X-ray inspection company and first products incorporating the IBEX technology are expected to enter the market later this year.

The company is now focused on developing applications for other markets, including medical imaging and food inspection, where its technology has the potential to improve the detection of impurities and defects at significantly lower X-ray doses.

Chief Executive of IBEX, Dr Neil Loxley, said: “We are delighted to welcome the NETF and IP Group plc as shareholders.

“Having the support of a FTSE 250 listed company gives us a real confidence boost to push forward and maximise the value of our technology in multiple markets.

“We are also very grateful for the continued support of our existing strategic investor, which I believe demonstrates the great progress made in translating our world-leading technology into market-ready products.”

Senior Investment Manager at IP Group, Duncan Lowery, said: “IBEX has demonstrated an opportunity to approach new markets with its existing technology.

“We believe the business has great potential due to the nature of the approach to a market pain combined with a seasoned management team.

“We are very pleased to be able to support the company through this next phase of development.”

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