Taiwanese contract-electronics giant Foxconn has invested in the $26-million funding round of Nanox, an Israeli company that develops a digital X-ray source for medical imaging applications.
This round brings the total funds raised by the firm to $55 million.
Foxconn joined Tokyo-based photography and imaging firm Fujifilm, South Korean wireless telecommunications operator SK Telecom, and other existing private investors.
The round will support the development, commercialization, and deployment of the Nanox System, according to a company statement on Thursday.
The fresh funds will be used to launch the Nanox System, composed of the Nanox.Arc, a novel digital X-ray device inspired by Star Trek’s famous biobed, and the Nanox.Cloud, a companion cloud-based software that will be designed to provide end-to-end medical imaging services.
Such services include image repository, radiologist matching, online and offline diagnostics review and annotation, connectivity to diagnostic assistive artificial intelligence systems, billing, and reporting.
Under the medical screening as a service (MSaaS) model, the Nanox System aims to promote early detection of medical conditions that are discoverable by X-ray and X-ray based imaging modalities such as CT, mammography, fluoroscopy and angiogram.
The company said that it will build medical imaging systems “at significantly lower costs” than the existing ones, in an attempt to improve the accessibility and affordability of early detection services worldwide.
The global medical imaging market size stood at roughly $34 billion in 2018 and is expected to reach about $48.6 billion by 2025 at a compound annual growth rate (CAGR) of around 5.2 per cent during the period, according to a report from Zion Market Research.
Once regulatory approval is obtained, Nanox plans to deploy the Nanox System around the world in collaboration with governments, hospitals and clinic chains.
The company will offer its Nanox.Arc under a pay-per-scan business model, at affordable and substantially lower prices than currently available alternatives. The Nanox.Cloud is being designed to provide an end-to-end medical imaging service that covers AI analysis and more.
“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,” said Ran Poliakine, founder and CEO of Nanox, in the statement.