Shares in British radiation detection firm Kromek jump following funding from Horizon Europe scheme
Radiation detection firm Kromek has won government funding under the Horizon scheme to develop its new technology, which can rapidly discover irregular radiation sources such as bombs.
The Durham-based firm has secured £1.3m from UK Research and Innovation (UKRI), which funds the Horizon Europe scheme, to design, build and test its new radiation sensors.
Kromek’s handheld detectors have a range of uses, such as in medical imaging and nuclear security. The company says artificial intelligence (AI) can improve the accuracy and speed of its devices.
Chief executive of Kromek, Arnab Basu, said: “With the increasing prevalence of AI, Kromek has for several years been exploring the application of machine learning across its technologies, and has generated some significant IP in this area.
“This collaboration brings an opportunity to enhance our expertise by working with field-leading partners throughout Europe, and ultimately lead to improved capabilities of our products across our market segments.”
Shares in Aim-listed Kromek jumped nearly 10 per cent in early deals on Monday after the funding was announced. The stock has risen almost 50 per cent year to date.