Dynaxion has secured Euro 350.000 in new operating capital through the Early Stage Financing Scheme from the Dutch Ministry of Economic Affairs and Climate Policy (‘Vroege Fase Financiering’, VFF).
The capital will be used for the proof of concept for several subsystems of the Dynaxion security scanner. With this proof of concept, Dynaxion will demonstrate our unique combination of technologies that automatically and accurately identify dangerous and illicit goods in suitcases and parcels.
In the meantime, Dynaxion will extend its IP position with several new patent filings.
Dynaxion is accelerating our progress toward making the world a safer and healthier place with this major new capital. The VFF selection involves a critical process and is typically meant for disrupting and promising innovations. To receive the 350.000 Euro is a giant step in our challenging journey.
The VFF capital injection comes after Dynaxion claimed $100.000 in July 2019 as one of eight finalists in the U.S. government-initiated Opioid Detection Challenge and was granted a 230.000 euro loan from Braventure via the Brabant Startup Fonds in December 2019.
By the end of this year, we plan to demonstrate our proof of concept to relevant stakeholders, potential customers and potential investors. After reaching that milestone, we will build a prototype system in 2021 and then build two pilot systems in 2022 to be tested and certified in real live environments. For this phase, we will need a substantial investment. So, we will continue our talks with potential investors on the way to securing this next round of funding in Q4 of this year