Dear , 

Parkwalk’s original investment in Symetrica was made in June 2013, via its UK Tech Fund IV.  Since then, the company has made significant progress towards achieving its commercial objectives.
Symetrica specialises in the detection & identification of radio-isotopes for Security Applications. Originally a spin-out from Southampton University, the company works with prime contractors and government agencies to design, develop & deploy detection equipment for use by law enforcement personnel.

The three largest product segments of the Homeland Security Market are: 

• Hand Held Radiation Isotope Identifiers [RIID]
• Radiation Portal Monitors [RPM] 
• Mobile/Wearable systems

These account for two thirds of Homeland Security sales. In each product segment Symetrica delivers disruptive technology to the HS market’s need to detect and efficiently verify the presence of threat materials in field operations.  In each segment Symetrica holds a strong competitive position.

The Technology

Symetrica’s capabilities in radiation detection are well recognised within Government Departments, industry and academia. These result from a deep involvement with the radiation detection community, and are built on decades of research at Southampton University.
The company has a range of technical advantages, based on years of research into gamma ray spectral response. By a mixture of clever detector design and signal processing, Symetrica can increase the performance of each class of gamma detector to produce new operational capabilities. This can lead to improved High Purity Germanium systems, the delivery of quasi-Germanium spectral response (with improved sensitivity) from LaBr or NaI detectors, and NaI level of spectral response (again with added sensitivity) from plastic detectors. These demonstrated capabilities are revolutionising the performance of radiation detection equipment.
Additionally, Symetrica also produces a range of neutron detectors with new, alternate He3 free technology.

The Market

Movement of ‘dangerous’ radioactive material has been controlled for some decades, mostly through inventory and transit procedures, reinforced by limited detectors at exits of installations. After the disintegration of the USSR and the growth of world terrorism, these controls have been regarded as insufficient, and the ability to detect small quantities of Special Nuclear Materials (SNM), as the components of a nuclear device/bomb are known, has become an urgent requirement for many borders and checkpoints. 

Symetrica is targeting four areas in the global Radiation Detection market of $27bn. The initial tight focus on the Homeland Security market, selected as having the lowest barrier to entry for advanced technology, has now been extended to Military, Nuclear Power and Medical Gamma Camera. Entry to these other markets is through low risk, high profile opportunities for partnerships with funding support or for specific projects.

The Model

Most of Symetrica’s products are procured by government or quasi-government agencies via competitive contracts. The primary route to market for major opportunities and projects is with the assistance of a Prime contractor, either in partnership or a teaming arrangement. Symetrica enjoys excellent non-exclusive partnerships with Smiths Detection, L3 Communications and Thermo-Fisher, and for major procurements usually supports through a direct interface with the user’s technical and procurement authorities. 

For specific opportunities, especially within the fragmented European market, Symetrica teams with a local provider following guidance from the relevant procurement body.

The Team

David Price CBE - Chairman, is a former FTSE-250 CEO with broad experience in Electronics, Aerospace, Defence, Marine, Chemical & Nuclear manufacturing industries. David has a successful track record of developing high growth companies in international markets, particularly with government customers and regulated markets, through organic development and bolt-on acquisitions. 

Heddwyn Davies - CEO and President Symetrica Inc., is a highly experienced CEO who has specialized in running high technology venture capital-backed start-ups. As former business mentor at the University of Southampton, Heddwyn joined Symetrica in 2004 and has been instrumental in shaping the business. Heddwyn has completed a Sloan Fellowship Programme at London Business School, previously led two businesses to Queens Awards, and has experience of M&A. 

David Ramsden- CTO and Founder, is an outstanding Detector Physicist and former Head of the Physics Department at the University of Southampton. David founded Symetrica in 2002 to commercialize proprietary high performance gamma-ray spectroscopy, imaging hardware, software and the know-how developed by the founding team at the University. David, with his co-founding team, have established a reputation for detection and identification excellence and developed an un-matched IP portfolio.

The Investment Case

Following the last few years of constraints on the market, there is a backlog of equipment acquisitions and upgrading opportunities, particularly in the US. Approved and published budget levels in Homeland Security and Defence are much elevated, and crucially, there appears to be a need for higher calibre equipment.  
Although we remain highly cautious about the timing of procurement decisions and the likelihood of legal challenge, we are optimistic that there will be a number of high value accessible contracts placed in the foreseeable future.
The proceeds from this funding round, involving only existing investors, will give the company sufficient resources to exploit these opportunities. 

Symetrica is already recognised as a force in its chosen markets and has been able to form partnerships and team with major companies. Acquisition interest has already been expressed which is anticipated to increase as additional contracts are won and partnerships formed.

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