Madison, Wis.-based Phoenix Nuclear Labs on Monday announced a round of venture capital funding for its particle accelerator technology, which has helped researchers develop a safer way to produce an isotope used frequently for medical imaging.
The $590,500 in recently announced equity comes from Wisconsin Investment Partners and former Echlin CEO Fred Mancheski, according to a Phoenix Nuclear release. Along with Shine Medical Technologies and the Morgridge Institute for Research, Phoenix Nuclear Labs plans to demonstrate a neutron generator technology that produces molybdenum-99 without the use of highly enriched uranium.
The announcement follows the award of $20.6 million to the Morgridge Institute for the project, including funding from the National Nuclear Security Administration.
According to NNSA, the United States currently lacks a domestic source of Molybdenum-99, relying on foreign producers that mostly use highly enriched uranium for its production. Medical providers have experienced severe supply shortages of the isotope in recent years, and NNSA has entered into agreements with four U.S. companies to help establish domestic, HEU-free production as part of the agency’s Global Threat Reduction Initiative.
Phoenix Nuclear was founded by Greg Piefer in 2005 to advance state-of-the-art fusion technologies, including accelerators, nuclear particle generators and high voltage power supplies. According to the company’s website, its existing customers include the U.S. Army, the National Nuclear Security Administration and the University of Wisconsin.