Tuesday, June 23, 2009

Innov-X finds $4.5M in new funding

By Rodney H. Brown

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Innov-X Systems Inc., a Woburn-based maker of handheld chemical and elemental analyzers, has landed a $4.5 million investment led by Boston-based Massachusetts Capital Resource Co. with participation from previous investor Rand Capital (Nasdaq: RAND) of Buffalo, N.Y.

Founded in 2001, Innov-X serves the industrial, transportation, security, environmental, recycling and energy markets, with a portable X-ray fluorescence (XRF) device that can determine the presence of elements such as lead or mercury. The 3-pound devices have been used in a range of applications, including forensics analysis of the Discovery Shuttle for NASA and environmental compliance for the electronics industry.

The privately held company, which was founded in 2001, has offices in North America, Europe, Australia and Asia. In January of 2007, Innov-X received $27 million in venture funding from Boston-based Summit Partners Inc.

Massachusetts Capital Resource Co. is a private investment firm that was established in 1977 and is funded by Massachusetts-based life insurance companies. The companies provide mezzanine capital and long term debt to small and midsize businesses which have operations in Massachusetts.