South Yorkshire tech firm Metalysis has entered administration after financial difficulties.
The company, which is a pioneer in powdered metals used in the production of electric vehicle batteries and the aerospace sector, employs 60 people in Rotherham.
Founded in 2001, it has attracted 拢92 million funding to date but made a loss of 拢7.1m last year against revenues of 拢886,000.
Metalysis said it had 鈥榮ignificant interest from a number of parties鈥� but was unable to land new investment in time.
Eddie Williams and Chris Petts of Grant Thornton have been appointed joint administrators.
鈥淢etalysis is a truly innovative UK business with a unique disruptive technology that urgently requires new ownership and further ongoing investment,鈥� said Williams.
鈥淒espite the directors鈥� best efforts and significant global interest, the business could not continue to operate without the protection of administration.
鈥淲e would encourage any parties with interest to contact the administrators. With that support, I would hope that the business can continue to operate and thrive.鈥�
Investors in a 拢12m round last year included Woodford Investment Management, Draper Esprit PLC, ETF Partners, Interogo Treasury and Hercules Capital of California.