Nanox has completed a $110 Million Funding Round
3 August, 2020
The company has developed innovative Digital CT Scanner device. Among the investors: Foxconn, Fujifilm and SK. It plans a Pay-per-Scan business model
Above: Nanox founder and CEO, Ran Polyakin
Nanox, the developer Digital CT devices and cloud-based diagnostic services from Jerusalem, announced the completion of a $110 million funding round. Among the prominent investors who participated in the round were Foxconn, Fujifilm and SK Telecom. The company has raised $137 million to date. Nanox developed digitalComputed Tomography technology based on the production of X-rays using a MEMS instead of an incandescent lamp.
According to the company’s estimates, the new technology will make it possible to produce CT systems at a cost of $10,000 per system, instead of approximately $3 million – the current average price of CT scanners. CT scanners perform multiple X-rays from different angles. Following the photography, a computer program is used to fuse all the images into a single three-dimensional file that allows the exploration of the body and its organs.
Business model of Pay-per-Scan
The development was carried out by a team of Israeli engineers and a team of Japanese engineers. The company is headed by the founder Ran Polyakin, former founder and CEO of the wireless charging Powermat. Aside from the lower price and size of the systems, digital CT devices provide higher quality images, and having fewer errors resulting from relative movement between the scanner and the subject.
Also, they enable multi-spectral imaging, and real-time connectivity between the imaging system and the therapeutic devices, thus allows treatment to be performed under CT examination. The first commercial, Nanox.ARC, comes with a cloud platform consists of AI-based assistive diagnostic tools and friendly user interface for the doctor.
The company markets the systems through collaborations with governments and health service organizations, and has signed distribution agreements in 13 countries. Nanox plans to offer the use of its systems in the format of a service: payment is determined according to the number of scans (Pay-per-Scan), thereby reducing the costs of acquisition.