INDIANAPOLIS, IN (November 6, 2012) – Elevate Ventures (www.elevateventures.com), a venture development organization that manages the 21st Century Fund for the Indiana Economic Development Corporation (IEDC), announced today the completion of their investment in PartTec, Ltd. (www.parttec.com), a market and thought-leader in non-helium-3 neutron detection technology. PartTec develops and manufactures non-helium-3 neutron detectors for global security including Homeland Security, neutron research and medical imaging. Earlier this year, PartTec was named a 2012 R&D100 Award winner in conjunction with Oak Ridge National Laboratories for the development of their non-helium-3 wavelength shifting scintillator neutron detector.
The 21st Century Fund investment of $600K in PartTec will be co-invested alongside $1.2M in funding raised through an offering to private investors by the Indianapolis office of David A. Noyes & Company, which will allow PartTec to commercialize several critical products in their non-helium-3 neutron detector line. This investment follows previous federal dollars used to develop initial product prototypes, which answered the need for non-helium-3 neutron detectors in the face of the critical helium-3 shortage. “With the investment from the 21st Century Fund and Elevate Ventures, we can quickly commercialize our products to meet the critical need for helium-3 neutron detectors,” says Herschel Workman, CEO of PartTec. “This investment is further validation of the global need for our technology and research. It’s extremely rewarding to know that the state of Indiana believes in our products and our highly skilled and dedicated team.”
Since PartTec’s involvement with Elevate Ventures, John Bodman, Venture Partner with Elevate Ventures, has been available to provide assistance and guidance to PartTec’s management team. Bodman came to Elevate with extensive experience in the energy industry, particularly within its nuclear and coal segments. “There was a knowledge gap in understanding and accepting the benefits of nuclear energy and related applications. PartTec’s products allow us to move forward in acquiring that knowledge,” said Bodman.
About PartTec, Ltd.
PartTec (www.parttec.com) is the market and thought leader in neutron detection technology specializing in the manufacture of non-helium-3 neutron detectors to meet global security, research and medical needs. PartTec, Ltd. was founded in 2002 with the mission to provide precision, quality, and innovation in detection technology. Its world-class scientists are taking innovation to a new level, creating ground breaking, and patented technologies to meet global security, research and medical needs.
About Elevate Ventures, Inc.
Elevate Ventures (www.elevateventures.com) nurtures and develops emerging and existing high-potential businesses into high-performing, Indiana-based companies. Elevate accomplishes this by providing rigorous business analysis and robust advisory services that connect companies with the resources they need to succeed long-term. A not-for-profit organization, Elevate provides more than just capital as it partners with entrepreneurs, investors and other Indiana local and state organizations to ensure the best return on investment.