Foxconn joins Israeli medical imaging tech developer Nanox round

The Nanox System. Source: Nanox

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.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.