News location:

Canberra Today 17°/23° | Friday, March 29, 2024 | Digital Edition | Crossword & Sudoku

Canberra start-up company sells for $76m

A CANBERRA-BASED imaging and analysis start-up company has been sold for $76 million.

Lithicon, previously known as Digitalcore, was set up by The Australian National University and University of NSW and has been acquired by United States-based company FEI, which specialises in imaging technology for oil and gas exploration.

Deputy Chief Minister Andrew Barr says the announcement is a “great success story” for ACT innovation.

“Importantly, the acquisition will see Lithicon’s research and development footprint increase in the ACT as the research relationship with ANU continues to expand,” Mr Barr says.

“The equity investments by both the CBDF and ANU Connect Ventures in Lithicon will also deliver a significant direct financial return to our economy.

“It also represents a significant achievement and opportunity for the ANU, which has signed a licensing and development agreement with FEI to use the hardware and software technology developed by the ANU. It will allow the ANU to further develop its research in this field and strengthen its position as a world leader in digital core scanning and analysis.”

New General Manager of Lithicon Victor Pantano says the acquisition by FEI will add “financial strength, distribution capabilities and complementary technical know-how to support Lithicon’s future growth and development”.

“The company will remain in Canberra and continue to capitalise on the infrastructure and support that the ACT offers a technology intensive business like ours,” Mr Pantano says.

Who can be trusted?

In a world of spin and confusion, there’s never been a more important time to support independent journalism in Canberra.

If you trust our work online and want to enforce the power of independent voices, I invite you to make a small contribution.

Every dollar of support is invested back into our journalism to help keep citynews.com.au strong and free.

Become a supporter

Thank you,

Ian Meikle, editor

Share this

Leave a Reply

Related Posts

Follow us on Instagram @canberracitynews