Nanox raises fresh funds to commercialise ‘digital X-ray’ device

29 July 2020 (Last Updated July 29th, 2020 11:12)

Israeli start-up Nanox has secured another $59m in funding to mainly fund the global launch of the in-hospital imaging device Nanox.ARC.

Nanox raises fresh funds to commercialise ‘digital X-ray’ device
Nanox has signed agreements to deploy thousands of units of the Nanox System in 11 global regions since last November. Credit: Business Wire.

Israeli start-up Nanox has secured another $59m in funding to mainly fund the global launch of the in-hospital imaging device Nanox.ARC.

Including the latest investment, the company has raised a total of $110m in the Series B funding round since November last year.

The latest round was joined by a mix of strategic, institutional and private investors, including SK Telecom, Industrial Alliance, Foxconn and Yozma Korea.

Nanox founder and CEO Ran Poliakine said: “We have a bold vision to increase early detection of medical conditions that are discoverable by X-ray. We are actively working to deploy a global medical imaging service infrastructure that may turn this dream into reality.

“We cannot do it without partners and investors who share our vision and support our plan. I thank our investors at SK Telecom, Foxconn, Industrial Alliance and Yozma Korea for their faith and trust in the Nanox team and vision.”

Nanox has signed agreements to deploy thousands of units of the Nanox System in 11 global regions since last November. Last month, the company signed an exclusive distribution agreement with Golden Vine to debut its medical imaging services in Taiwan and Singapore.

The company noted that it aims to revolutionise early-detection healthcare by deploying a global medical imaging infrastructure at an affordable price-per-scan service model.

In January, Nanox secured $26m in funding to support the development, commercialisation and deployment of the Nanox System.

Israeli-based A-Labs Advisory and Finance was the lead advisor to the financing round.

In a separate development, Israel-based Ibex Medical Analytics reported positive outcomes from a clinical validation study of its artificial intelligence (AI)-based solution used by pathologists in routine clinical practice.

The study evaluated the capability of Ibex’s Galen Prostate solution by providing it with blinded whole slide images of prostate core needle biopsies for analysis. The output was then assessed against the UPMC clinical pathology reports followed by blinded discrepancy resolution.

The study noted 98.46% sensitivity for prostate cancer detection and 97.33% specificity. It also found that the Area under the ROC Curve (AUC) was 0.991, which is said to be the highest reported metrics for AI algorithms in pathology.

In 2018, Ibex deployed the Second Read (SR) system in the pathology institute of Maccabi Healthcare Services.