Inspira

Nano Dimension Sells Off Its PCB Printing Business

Posted on by Techtime

Image: DragonFly system for on-demand 3D printing of printed circuit boards (PCBs)

By Yohai Schwiger

Nano Dimension is divesting the business that once defined it. The company announced the sale of its Additively Manufactured Electronics (AME) division to Inspira Technologies in a deal worth up to $12.5 million. The transaction includes $2 million in cash at closing and up to $10.5 million in performance-based payments over the coming year.

Under the agreement, Inspira will acquire not only AME’s product lines but also its intellectual property, engineering know-how, manufacturing and laboratory infrastructure, and parts of its workforce. Operational control will transfer immediately, while formal closing remains subject to regulatory approvals.

The move carries both symbolic and strategic weight. AME is built around Nano Dimension’s original breakthrough: on-demand manufacturing of printed circuit boards using systems such as the DragonFly. Developed in Ness Ziona, the technology aimed to revolutionize electronics development by allowing engineers to print functional circuit boards in-house, dramatically shortening prototyping cycles.

The deal also includes what remains of the Fabrica product line—high-precision micro-3D printers originally developed by Israel’s NanoFabrica, which Nano Dimension acquired in 2021 for approximately $55–60 million. The company estimates the divestment will reduce its annual cash burn by around $10 million.

A Bargain Sale of a Once-Promising Technology

The buyer is intimately familiar with the technology it is acquiring at what appears to be a steep discount. Inspira is a relatively small Nasdaq-listed company with a market capitalization of about $20 million. It operates primarily in the medical device space, focusing on advanced respiratory systems that also monitor blood parameters.

In 2025, the company reported less than $300,000 in revenue and a net loss exceeding $13 million, reflecting its early commercialization stage and ongoing search for growth directions.

Its CEO and founder, Dagi Ben-Noon, is no stranger to Nano Dimension. He was one of the company’s co-founders and a key developer of its PCB-printing technology, serving as COO in its early years before leaving around 2017. That same year, he founded Inspira.

Announcing the deal, Ben-Noon said: “We have deep and intimate knowledge of the AME technology, and we believe in our ability to unlock its potential in new directions.”

Inspira plans to repurpose the technology for quantum computing applications—specifically, for building components used in dilution cryostats, ultra-low temperature cooling systems required to operate quantum processors at near absolute zero (10–20 millikelvin). The company believes AME’s ability to produce complex 3D electronic structures could help address connectivity challenges inside these systems.

Dual Strategy: Medical Devices and Quantum Ambitions

Inspira emphasized that its core medical device business will not be abandoned. Instead, it will be transferred into a wholly owned subsidiary and continue operating independently. This effectively creates a dual-structure company: one arm focused on medical technologies, and another on quantum computing—an area that appears to be emerging as its primary strategic focus.

The company is even planning a rebranding to “QTREX” to reflect this shift.

From Breakthrough Promise to Strategic Exit

Founded in 2012, Nano Dimension set out to transform electronics manufacturing with its inkjet-based PCB printing technology, combining conductive and insulating materials in a layered 3D process. The technology achieved notable milestones, including the production of aerospace-grade circuits with embedded passive components such as capacitors, resistors, and coils.

The vision attracted significant investor enthusiasm. The company raised hundreds of millions of dollars through public and private offerings, peaking in 2021 with approximately $1.4 billion in cash on its balance sheet.

However, commercial adoption fell short of expectations. Over time, Nano Dimension shifted its focus through a series of acquisitions, most notably Markforged, which specializes in metal and advanced materials printing.

The company also pursued additional acquisitions that, in retrospect, appeared less cohesive, including an unsuccessful attempt to acquire Stratasys. Management turbulence followed, culminating in the departure of CEO Yoav Stern.

Gradually, electronic printing products faded from investor discussions, and Nano Dimension repositioned itself as a broader digital manufacturing solutions provider. At the same time, its geographic center of gravity moved away from Israel.

Last week, the company announced a re-domestication process expected to conclude in the first half of 2026, after which it will operate as a fully U.S.-based company.

Against this backdrop, the sale of the AME and Fabrica businesses marks more than a divestment—it represents a definitive exit from the technology and geography that once defined Nano Dimension. Technologies that attracted hundreds of millions of dollars in investment are now being sold for up to $12.5 million.

Inspira develops the “friendly” alternative for the ventilation machine

Posted on by Techtime

The first days of the COVID-19 pandemic, at the start of 2020, were marked by the shortage  of medical ventilators for supporting patients who lost the ability to spontaneously breathe. However, the pandemic also demonstrated the risks and the many complications involved in using these machines as the only alternative for patients who suffer from respiratory failure. The high mortality rates and the medical complications among those patients intensified the need for a replacement that will provide respiratory support in a less invasive manner while the patient is awake.   

One of the main indicators leading to connecting the patient to a ventilating machine is a dangerous decrease in the level of oxygen in the blood (saturation), and the main causes  might be Pneumonia, Sepsis, Corona Virus or Acute Respiratory Distress Syndrome (ARDS). Inspira Technologies from Israel is the developer of Inspira Art – a device intended for blood  oxygenation safely and effectively while the patient is awake, thus eliminating the need to anesthetize the patient and connect them to a ventilator machine. 

In a conversation with Techtime, Dagi Ben Noon, Inspira CEO and co-founder explains the need for such a system. “The medical team can tell, based on saturation level and the amount of oxygen flowing through the face mask, that the patient is on their way to be  connected to the ventilation machine. When the patient is unconscious and on a ventilator, the team cannot communicate with them, and they are fed by measurable parameters only. In addition, a mechanical ventilator may damage the lungs and the recovery process is very  long. There is a too wide ‘gap’ between oxygen face masks and ventilator machines – and  our product is bridging this gap”. 

Inspira’s device is designed for drawing blood through a dual-lumen cannula inserted into the jugular vein, enriching it with high concentrations of oxygen, and removing CO2. Then,  the enriched blood is returned to the body until the saturation level is balanced. The process may last for several hours and is carried out when the patient is awake. By drawing smaller  volumes of blood, the system ensures minimal risk for blood coagulation, hemolysis, bleeding, and infections. 

The sensor that turned into a product 

Inspira is planning on initiating a clinical trial for its ART device during 2024, and  subsequently, filing a De Novo Classification request from the FDA. “We have already  received hundreds of millions of dollars worth of orders through distributors, which reflects the market’s anticipation for this kind of solution. We are also communicating with the medical equipment giants and they also expressed interest. Our device is relevant for a large number of patients arriving at the hospital with respiratory failure”. In July 2021, Inspira was issued on  Nasdaq, and since its establishment, the company has raised about $37 million. The company employs around 40 employees and is currently in the middle of another recruitment process.  

One of the most significant components within the ART system is an optical sensor developed by the company, which allows for measuring, contactless, the levels of gas in the blood and estimating potential damage to the blood cells during drawing. Currently, in order to measure these parameters, frequent invasive blood tests are needed. Inspira’s sensor provides the ability to continuously measure in a non-invasive fashion. Using machine-learning algorithms, the sensor analyzes light reflections from the blood and gets information regarding parameters such as partial oxygen and CO2 pressures, and levels of saturation, hemoglobin, and hematocrit. 

The sensor, developed as a component within the ART system, emerged as an independent  product with various usages. It could be used in many procedures where blood oxygenation  is required, such as during open-heart surgery. As a result, the company is now developing  the sensor as a product named HYLA. Last month, the company announced signing an agreement with Sheba hospital for performing clinical trials on the new product. The trials, expected in Q1 2023, will examine HYLA during open-heart surgery where a  Cardiopulmonary bypass machine is being used.  

“Originally, the HYLA sensor was developed for the Inspira ART system, in order to improve safety when using it. However, we soon realized we had a unique solution that might be used for other medical systems. This is a huge market, and we have already signed agreements with distributors. The development is expected to be completed by the end of 2023, and the next step is the regulatory approval”.