Digital Imaging Startup Nanox Raises $59 Million In Funding

Nanox, a digital X-ray system startup, raised another $59 million in the latest funding round.

The latest funds will support the planned rollout of the Nanox.ARC deployments worldwide, the company said in a statement. The company says it has already signed deployment agreements in 13 countries.

In June, Nanox signed an agreement with SK Telecom to deploy 2,500 of its X-ray systems in South Korea and Vietnam next year, with a plan to manufacture the most of them at Nanox’s Korean subsidiary.

The World Health Organization estimates that two-thirds of the world’s population lacks access to medical imaging. As a result, many people are forced to wait weeks or months for medical diagnostic results. Nanox says that its technology could significantly reduce the costs of medical imaging systems and provide affordable, early detection imaging services for all.

“It is easy to say that we are aiming to change the world,” says Ran Poliakine, Founder and Chief Executive Officer of Nanox.

“The main challenge with such statements is always the execution. 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,” added Ran Poliakine.

The Israeli startup is developing a digital X-ray system comprised of an in-hospital imaging device and a companion app.

The system offers an end-to-end medical-imaging service and supports the early detection of ailments discoverable by computed tomography (CT), fluoroscopy, mammography, angiogram, and other imaging modalities.

“The innovative approach of preventive healthcare and the MEMs X-ray source have driven us, The Yozma Group Asia, to invest in Nanox. Potentially reduced radiation exposure and lowered cost can set a new standard of regular health checkups,” said Wonjae Lee, Head of the Asia Pacific and Managing Partner of Yozma Group.

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

The latest round brings the company’s total to over $100 million to date. The company’s existing investors include SK Telcom, Foxconn, and Fujifilm.

Medical Imaging companies raised $240 million in 1H 2020, according to Mercom Digital Health Funding Report.


Image credit: Nanox