Indiana’s 21st Century Fund said Friday that it has invested $600,000 in Bloomington-based PartTec Ltd., a manufacturer of neutron-detection technology.
The state’s capital infusion will be co-invested with $1.2 million raised through an offering to private investors by the Indianapolis office of David A. Noyes & Co.
The funds will help PartTec commercialize several products in its non-helium-3 neutron detector line, company CEO Herschel Workman said in a prepared statement.
The company's products are designed for use in medical and defense research laboratories.
“This investment is further validation of the global need for our technology and research,” he said. “It’s extremely rewarding to know that the state of Indiana believes in our products and our highly skilled and dedicated team.”
Indiana’s 21st Century Fund is the state’s principal fund for investing in high-tech companies.