Phoenix Nuclear Labs announced that it has closed on $12M in funding to support its next stage of growth. In conjunction with the financing close, the company’s name has changed to “Phoenix,” as it continues to expand its breadth of product offerings across healthcare, nuclear and solar energy, semiconductor processing, industrial imaging, and defense.
The round was led by New York-based Deerfield Management Company, a healthcare investment firm with over $8B under management. “We have worked with the Phoenix management team over the course of two years leading up to our investment, and we have great confidence in its ability to execute its vision and continue to grow Phoenix into a leading global technology company,” said Steve Hochberg, a Partner on the Private Transactions team at Deerfield.
Additional funds were raised from several Wisconsin-based investment firms that have previously invested in the company.
“The strong interest in this funding round from our existing investor base and the participation of a well-respected and experienced investment firm like Deerfield is a great testament to the work our team has done to mature our technology and increase our market penetration over the last two years,” said Ross Radel, President of Phoenix. “This near-term influx of capital and the vast resources that Deerfield brings to the table will be critical in fueling the personnel and infrastructure investments needed to accelerate our growth.”
During the past two years, Phoenix’s revenue has increased more than five-fold. The company has grown from 23 employees at the beginning of 2016 to 56 employees today. They intend to add approximately 30 additional employees through the end of 2018.
Phoenix recently signed a lease on a new building near its Monona, WI headquarters that will double its office, manufacturing, and laboratory space. The company has announced plans to build a new manufacturing facility in the greater Madison area that will serve as its global headquarters beginning in the spring of 2019.