Parkwalk fuels Oxford spinout PrOXisense's turbine technology
PrOXisense, an Oxford University spinout company developing sensor technologies, has secured £330,000 at launch in seed round led by Parkwalk Advisors.
PrOXisense is developing proximity sensors for use in extreme environments such as monitoring the health of turbine blades and lubrication fluids in jet engines. Its technology could drastically slash maintenance and downtime costs, as well as extending component lifetimes and increasing overall efficiency.
The company is already working with companies such as Rolls Royce and Alstom to further develop its proximity sensors for turbine blades, as well as fluid contamination sensing technology which allow for monitoring of transport fluids in real-time.
The funding was led by Parkwalk Advisors, which made the investment through its University of Oxford Isis Fund, now in its third iteration. Established in 2013, the fund is part of Parkwalk’s growing portfolio of EIS/SEIS funds aimed at providing capital to early stage university technology companies.
Parkwalk was joined by the Institute of Mechanical Engineers (IME), which contributed through its Stephenson Fund. The fund, named after IME founder George Stephenson, looks to support the Institution’s original statement of purpose: to “give an impulse to invention likely to be useful to the world”. Oxford Sciences Innovation, the patient capital investor for Oxford University spinouts, also participated alongside angel investors.
The Oxford University intellectual property underpinning PrOXisense originated from the Department of Engineering and is based on research by Professor Kam Chana, who co-founded the company. Development of the company was facilitated by Oxford University Innovation (OUI), the research commercialisation company of Oxford University.
Alun Williams, Investment Director at Parkwalk Advisors, said: “PrOXisense is emerging from Oxford University’s world-class Osney Thermo-Fluid Laboratory with technology that could revolutionise real-time monitoring of critical systems. Professor Kam Chana’s research is renowned globally, and we believe the company has a clear roadmap to commercial success and so represents an excellent investment opportunity for the University of Oxford Isis Fund.”