Gothenburg, Sweden-based Texray, a company specialised in radiation protection textiles, announced on Tuesday that it has secured SEK 45M (approximately €3.9M) in a funding round led by Industrifonden and supported by private investors at Impilo.
Petra Apell, CEO of Texray, says, “We are thrilled by the immense support we have received from investors who would like to join us on our journey when we aim to become one of the world’s leading companies in radiation protection. This investment will enable us to accelerate commercialisation and further our mission of advancing occupational safety for healthcare professionals with our cutting-edge technology.”
Texray: Reducing radiation exposure
Led by Petra Apell, Texray has developed and patented advanced radiation protection solutions. Consequently, the Swedish startup addresses a critical problem healthcare professionals face.
During x-ray-guided surgical procedures, these professionals routinely encounter some of the highest levels of radiation exposure in the medical field.
As a result, medical staff are at risk of radiation exposure due to inadequate protection gear that leaves head and neck areas uncovered.
According to several studies, exposure to radiation increases the risk of malignancies and radiation-related diseases such as cataracts and brain and neck tumours.
The Swedish company’s product offers the highest level of protection and prioritises the comfort and well-being of healthcare professionals dedicated to the safety and care of others.
The company is revolutionising the Personal Protective Equipment (PPE) field with its patented technology platform.
The Texray material may also provide value for professionals in various industry sectors, including nuclear/first response and aeronautics/space.
The platform has secured CE/FDA registrations and regulatory approvals across global markets, including Europe, Japan, and the US.
Industrifonden is a venture capital firm focusing on early-stage technology and life science companies, from seed to A-round funding, and sometimes earlier, with international potential.
The company invests between 10-50M SEK, with the capacity to invest considerably more during the lifecycle.
Tobias Elmquist, Senior Investment Director at Industrifonden, says, “There is a growing awareness of the risks associated with radiation exposure among healthcare professionals, and Texray stands as the sole provider of a radiation protection textile that combines optimal shielding with a comfortable design, setting new industry standards for safety and comfort. Their technology represents a critical leap forward in safeguarding the lives of those who dedicate themselves to the well-being of others. We believe in the Texray mission and are excited to be part of their journey.”