Beer analyser group closes Â£1.4m funding round
Analytical chemistry company Imspex Diagnostics, best known for its 'beer analyser', has completed a £1.4m funding round led by Finance Wales and the Angel CoFund.
The capital will be used to form an administration and sales team at the group, which will be based in Abercynon.
Imspex develops and makes a range of analytical instruments based on Ion Mobility Spectrometry (IMS).
Its beer analyser offers brewers a range of tests that can be performed at point of use to determine when the brew has reached maturity. It also monitors flavours and components.
Ann Casey, investment executive at Finance Wales, said: "Finance Wales is pleased to join forces with the Angel CoFund to lead this investment, which comes at a crucial time for Imspex.
"Imspex's core IMS technology is impressive, revenue earning and has potential in a number of key new markets."
Santi Dominguez, executive chairman of Imspex, added: "The successful completion of this financing round in these challenging economic times demonstrates investor confidence in Imspex's IMS technology and our growing product range in key markets.
"With this funding, Imspex is now able to establish a globally facing sales Force which will enable us to grow our revenue streams and reach profitability."
Greenaway Scott provided legal advice to Impspex.