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27 September 2008
Breakthrough hope for Focus after funding
Source: Yorkshire Post, 27 September 2008
Phase Focus, a spin out company from the University of Sheffield, has received extra funding that could help it break into the multi-million pound microscope market.
Investors have ploughed £250,000 into Phase Focus, a company developing a high-tech microscope which does not use conventional optical lenses.
Sheffield's Fusion IP, the group which turns university research into business, yesterday said it was investing £125,000 in Phase. Yorkshire's Viking Fund said it was ploughing in another £100,000 and White Rose Technology Seedcorn Fund added £25,000.
In another coup for the firm, Phase also announced technology expert Dr Neil Loxley has joined its board as a non-executive director.
According to industry figures, the optical, x-ray and electron microscope market is forecast to grow to $1.6bn by next year. Phase said while its technology already works in both optical and x-ray frequency ranges, it should also apply to the entire electromagnetic spectrum. This would mean it could be used in radar, ultra-violet and infra-red imaging.
Fusion chief executive David Baynes said: "Phase Focus is a very exciting spin-out company from the University of Sheffield and has a revolutionary lensless microscope technology which is principally targeting the electron microscopy and optical microscopy markets for which opportunities of about £40m are forecast each year, according to Phase Focus estimates.
"We are pleased to be investing with White Rose and the Viking Fund to advance the prototype technology through full proof of principle."
This latest investment follows a previous £600,000 cash injection by Fusion and White Rose in February. That allowed Phase to develop a working prototype.
This announcement will let Phase develop the microscope to proof of principle level – to fully test it is workable. Phase was formed in 2006 to exploit the technology invented by Professor John Rodenburg from the University of Sheffield's Department of Electronic and Electrical Engineering.
Following this investment, Fusion will have a 60 per cent stake in Phase.
Prof Rodenburg, Phase chief scientific officer, said: "We are delighted with the progress that has already been made on the development of a prototype lensless optical microscope.
"It has the potential to build a three-dimensional image that will not only provide high-definition images for microscopists, but has applications that could extend beyond the optical and x-ray frequency ranges into applications in radar, ultra-violet, infra-red, and terahertz imaging."
Fusion IP, which recently changed its name from Biofusion, earlier this year raised £2.1m through a placing with institutional investors. It was established in 2002 and has long-term agreements with the University of Sheffield and Cardiff University. Fusion gives these institutions an annual combined research and development spend of £166.8m.
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