SEC Technologies raises €3 million investment from Crowdberry and Venture to Future Fund
SEC Technologies, inventor of a laser-based technology that can detect, identify and quantify chemical warfare agents and toxic industrial chemicals over long distances, has successfully raised €3 million in funding from Crowdberry and Venture to Future Fund (VFF). The investment will enable the company’s expansion into new markets and allow it to develop civilian applications of the technology, which have the potential to be even more lucrative than its successful defence arm.
“For us, the entry of major investors means, first and foremost, confidence in our team and in our product. We have managed here in Slovakia to develop a unique substance-detection technology, which is of interest to many countries worldwide, as it significantly outperforms the existing competition,” says Michal Šimko, CEO of SEC Technologies.
In recent years, SEC Technologies has made its technology available for comprehensive testing and review in the US, several EU countries, Southeast Asia, and the Middle East. Existing customers include the armies of those countries, but also civil defence organizations and emergency services such as firefighters. The investment, with high added-value, will support putting the innovative research into practice and deepen the cooperation of Slovak experts with global scientific leaders.
“SEC Technologies is a prime example of Slovakia’s innovative potential. The company has built on the results of several years of technological development to develop several applications for it among customers from around the world. It has no direct competitor in the field of high-end substance detection within its scope. The possibilities for using this technology are wide-ranging, and its importance could be crucial to solving current and future safety or environmental challenges. It was this potential that has attracted investors,” says Michal Ondrišek, Partner at Crowdberry.
“SEC Technologies is the embodiment of many years of effort and cutting-edge research, which has taken a small company from Liptov into one that occupies a unique position in the world. It is illustrative of the huge potential of Slovak companies to succeed on the global scene. Venture to Future Fund was established to support just such innovative companies and we are pleased that SEC Technologies has become one of the first investments in the history of the fund,” says Matej Říha, Chairman of the Board of VFF.
The acquired capital will be used by SEC Technologies to increase production capacity and expand into the civil market. In addition to the reliable detection of substances at a distance, there is huge potential in the environmental protection segment as well as demand from many other industries.