Nanox, the maker of a so-called “digital X-ray device” and an accompanying software platform, has raised $26 million in a new round of funding, bringing its total to roughly $55 million. The company highlighted the participation of its newest strategic investor Foxconn, as well as the support of previous backers such as Fujifilm and SK Telecom.
WHAT THEY DO
The Israeli company is developing a two-pronged offering comprised of an in-hospital device and a companion cloud software tool. The former is called the Nanox.ARC, and according to the company was designed over an eight-year period to be low cost and less cumbersome to deploy.
Imaging scans from the digital X-ray device will be transmitted to the company’s in-development digital platform, called the Nanox.Cloud. Designed as an end-to-end medical imaging service, the company is planning for the software to include a wealth of tools ranging from image repositories and radiologist matching to support for diagnostic decision support artificial intelligence tools and billing systems.
The end goal is to deliver a robust imaging system that can drive earlier disease detection, especially in regions where traditional systems are either too costly or too complicated to roll out broadly.
WHAT IT’S FOR
The current round will help Nanox develop, commercialize and deploy its Nanox System, the company said in its funding announcement.
Looking at the longer term, Nanox said that it will be seeking regulatory approval for its platform, and then deploying its globally under a pay-per-scan business model that it says will enable cheaper medical imaging and screening for private and public provider systems.
Digital technologies and AI appear poised to impact medical imaging in a major way, whether it be through diagnostic assistance or better managing and reference of imagery data.
Startups like Zebra Medical Vision and Aidoc are notching clearance after clearance for their AI image analysis apps, while technology companies like Nvidia and GE are well aware of how their offerings could soon fuel the next generation of radiology. And all the while, tele-radiology groups like Nines are enabling expert consultations from afar — and their services appear to be in high demand.
ON THE RECORD
“Nanox has achieved a technological breakthrough by digitizing traditional X-rays, and 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,” Ran Poliakine, founder and CEO of Nanox, said in a statement.