Nanox raises $26m to support development of its Nanox System

17 January 2020 (Last Updated January 17th, 2020 12:12)

Israel-based medical imaging technology firm NANO-X IMAGING (Nanox) has secured $26m in funding to support the development, commercialisation and deployment of its Nanox System.

Nanox raises $26m to support development of its Nanox System
Nanox has secured a total of $55m in funding to support the development of its Nanox System. Credit: Businesswire.

Israel-based medical imaging technology firm NANO-X IMAGING (Nanox) has secured $26m in funding to support the development, commercialisation and deployment of its Nanox System.

The $26m, which was secured with the participation of strategic investor Foxconn, brings the total funds raised for the project to $55m thus far. Fujifilm and SK Telecom have also previously invested in the endeavour.

The company’s founder and CEO Ran Poliakine said: “We are honoured to have Foxconn join other world leaders, Fujifilm and SK Telecom, in investing in our vision of eradicating cancer.

“Nanox has achieved a technological breakthrough by digitizing traditional X-rays. Now we are ready to take a giant leap forward in making it possible to provide one scan per person, per year, for preventative measures.”

The imaging service will include an image repository, radiologist matching, online and offline diagnostics review and annotation, connectivity to diagnostic assistive artificial intelligence (AI) systems, billing and reporting.

Nanox’s digital X-ray source technology, combined with its planned software solution, should enable it to build medical imaging systems at significantly lower costs than existing medical imaging systems. This could promote earlier detection of medical conditions discoverable by X-ray and X-ray based imaged like computed tomography, mammography, fluoroscopy and angiogram.

The availability of a lower cost device has the potential to expand medical imaging availability and improve the accessibility of early-detection services across the globe. Nanox plans to offer a pay-per-scan business model at a lower price than current alternatives.

Following regulatory approval, Nanox plans to work with governments, hospitals and clinic chains to deploy its technology.