Phosphonics raises £3.5m to accelerate launch of precious metal recovery products
Venture capitalist Seventure Partners leads second-round funding
Phosphonics has received £3.5m in funding, which will enable the UK firm to expand its core team, launch precious metal scavenger products and continue the development of industrial applications based on its proprietary chemistry to make functionalised silicas.
Phosphonics uses its novel technology to recover precious metals from process, waste and effluent streams. Its materials are applied as next-generation metal and organic scavengers in the pharmaceutical, fine and speciality chemical industries for product purification purposes.
Seventure Partners, a pan-European venture capitalist, led this second-round funding. Existing investors also participated.
Seventure general partner Isabelle de Cremoux said: ‘The company has already sold its scavengers commercially. With technology and market potential already validated through customer traction, Phosphonics represents a compelling investment opportunity for us in the Cleantech area. PhosphonicS is Seventure’s first investment in the UK.’
Iain Wilcock of Seventure will join Phosphonics’ board of directors. He has previously served as a non-executive director of Avidex, Oxxon Therapeutics, Xention, and Vivacta. He also represents Seventure on the board of BiancaMed, Dublin.
