Summit Partners invests in Innov-X Systems.Innov-X Systems Inc., the Woburn, Mass.-based manufacturer of elemental analyzers, has announced that it has received a $27 million minority investment from Summit Partners, Boston. Summit Partners is a private equity and venture capital firm that has raised nearly $9 billion in capital since its inception in 1984. Founded in 2001, Innov-X develops portable X-ray fluorescence X-ray fluorescence (XRF) is the emission of characteristic "secondary" (or fluorescent) X-rays from a material that has been excited by bombarding with high-energy X-rays or gamma rays. (XRF XRF X-Ray Fluorescence XRF X-Ray Flash XRF Cross Reference XRF Extended Recovery Facility (IBM) XRF Extended Reliability Feature XRF Cross Reference File XRF External Reference ) technology for elemental analysis Elemental analysis is a process where a sample of some material (e.g., soil, waste or drinking water, bodily fluids, minerals, chemical compounds) is analyzed for its elemental and sometimes isotopic composition. . Innov-X is a privately held company privately held company A firm whose shares are held within a relatively small circle of owners and are not traded publicly. with offices in North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. , Europe and Asia. Recently, Innov-X formed a joint venture and signed an exclusive supply agreement with Denmark-based A.P. Moller-Maersk to outfit the maritime, oil and gas exploration and distribution and power industries with XRF and blending systems for optimal use and monitoring of fuels and lubricants. "Innov-X's mission from the start has been to discover new ways to apply XRF technology," Don Sackett, president of Innov-X, says. "Our applied innovative thinking has allowed the company to become a leader in our industry." He adds, "By working together with Summit Partners, we are poised to further accelerate our development of new products and proprietary technology, expand our global presence and exceed our customers' expectation for quality." John Carroll John Carroll may be:
"Innov-X has the right blend of research, unique technology, and global reach to continue its robust growth," Carroll says. Additional information on Innov-X Systems' products is available online at www.innov-x-sys.com. |
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