Xenics was founded by Dr. Bob Grietens in 2000. The company originated as a commercial spin-off from IMEC (Inter-university Microelectronics Centre), one of Europe's leading independent research centers for the exploration and development of advanced microelectronics and nano-technologies based in Leuven, Belgium.

After finishing his doctoral thesis on infrared radiation while doing related academic research work and also being engaged in business development for IMEC, Bob Grietens decided to spin out and commercialize IMEC's infrared radiation technology, based on a worldwide exclusive license.

Xenics was incorporated in October 2000 and is since active on the world markets for advanced IR imaging products and solutions. In the mean-time, the Xenics product and technology portfolio has substantially expanded and diversified through proprietary corporate research and design.

As of February 2007, the company is profitable and generates sufficient cash flow to finance its continued portfolio expansion and research resources for future expansion into volume manufacturing of its products.

At the time of its incorporation, Xenics had raised an initial capitalization of 3.75 million Euro, plus government funding for specific project work. In addition to these sources, corporate founders and management as well as IMEC contributed to Xenics' capitalization. At present, company shareholders include major Belgian venture and equity funds such as Fortis Private Equity and Dexia Ventures, as well as new investors.

In June 2003, Xenics raised an additional round of venture capital funding in the amount of 1.5 million Euro from existing shareholders and other investors, including Software Holding & Finance.

In August 2005, Xenics moved its headquarter to the present location, where it is preparing for a substantial floor space addition to its present headquarters facilities to accommodate volume camera production and product engineering.

Xenics' employment base is continuously and rapidly growing. Besides the founders, it includes several distinguished researchers drawn from IMEC as well as highly qualified international specialists from industry and academia in various related high-tech fields - assembling a wealth of professional experience in advanced infrared technology and product development.