Singapore-based venture capital firm Vickers Venture Partners has led a $34 million funding round in Lumitron Technologies, Inc, a US-based developer of monochromatic X-ray systems for high-fidelity imaging and hyper-precision radiotherapy, according to an announcement.
Other investors participating in the round include Perennial Value Management, Clinton Capital, Roth Capital and leading family offices across the globe.
The company said it will use the fresh funding to accelerate and commercialise Lumitron’s HyperVIEW platform which enables the creation of X-ray images in the purest ultra-high resolution.
Developed at the Lawrence Livermore National Laboratory in California, Lumitron’s HyperVIEW X-ray system presents a resolution improvement of up to 1,000 times as compared to conventional X-rays while generating significantly less radiation and occupying a desktop footprint.
This enables it to deliver the capability of billion dollar-scale particle accelerators to point-of-use applications in industries such as research, medicine, industry and advanced manufacturing.
Using proceeds from its latest funding round, Lumitron aims to build its first commercial X-ray systems in the final quarter of 2020.
“Lumitron’s hyper-precision X-ray systems are a breakthrough for the medical and industrial fields, and we see immense potential in their unprecedented precision and capability. We are pleased to support Lumitron in developing their X-ray technology and gamma ray systems, which we see as having the potential to benefit millions of patients, healthtech firms and industrial fields around the world,” said Vickers Venture founder and chairman Finian Tan.
In March, Vickers Venture Partners disclosed it had raised $200 million for its $500 million sixth fund to invest in deep tech startups in Asia and globally.
The vehicle is one of Southeast Asia’s largest VC funds to date and is backed by Korea Venture Investment Corporation, pension funds from Switzerland, Germany and the US, and global family offices.