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 inception in 1984.

Founded in 2001, Innov-X develops portable X-ray fluorescence (XRF) technology for elemental analysis. Innov-X is a privately held company with offices in North America, Europe and Asia.

Innov-X’s products use XRF technology to determine the chemical composition of a substance.  The company’s analyzers have been used for a wide variety of end-use applications, ranging from alloy analysis, RoHS/WEEE compliance and forensics to analyzing the remnants of the Discovery Shuttle wreckage for NASA. 

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, Summit Partners general partner, and Tom Roberts, Summit Partners managing partner, will join the Innov-X board of directors. “Innov-X has the right blend of research, unique technology, and global reach to continue its robust growth,” Carroll says.