Nano-X Signs $174M Australian Distribution Agreement

Israel-based medical imaging startup Nano-X Imaging Ltd. has signed an exclusive distribution agreement with Prestons, Australia-based the Gateway Group. As part of the agreement, Gateway will distribute and operate Nano-X’s systems across Australia, New Zealand, and Norway. Gateway guarantees a minimum service fee of $58 million per year for three years, Nano-X said in a statement.

Founded in 2012 and based in Nve Ilan, just west of the Jerusalem, Nano-X develops a small digital X-ray imaging device, intended to reduce costs and increase accessibility to X-ray medical diagnostic results. Nanox Imaging Ltd employs a team of 60 people, according to company statements.

In January 2020, Nanox Imaging Ltd raised $26 million with the participation of strategic investor Taipei-listed electronics manufacturer Foxconn, bringing the total funds raised for its Nanox System to $55 million. Foxconn joined Fujifilm, SK Telecom and others who have invested in the project, as part of a round that is aimed to support the development, commercialization and deployment of the Nanox System. The product is composed of a digital X-ray device and cloud-based software that will be designed to provide an end-to-end medical imaging service.

It is meant 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 it believes its technology will enable it to build imaging systems at lower costs than existing systems.

Nanox founder and CEO Ran Poliakine explained; “The Nanox System composed of the Nanox.Arc, a novel digital X-ray device and the Nanox.Cloud, a companion cloud-based software that will be designed to provide an end-to-end medical imaging service that’s expected to include image repository, radiologist matching, online and off-line diagnostics review and annotation, connectivity to diagnostic assistive artificial intelligence systems, billing, and reporting. 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, early detection of medical conditions that are discoverable by X-ray and X-ray based imaging modalities such as CT, mammography, fluoroscopy and angiogram, but at significantly lower costs.”

Ran Poliakine was the founder and past CEO of Powermat Technologies, the original wireless charging company. Since then, he has focused on social impact, leveraging on advanced technology to create solutions that address real pain-points on a global basis. To this purpose, he has created an incubator of 5 start-ups in Nveh Ilan.

Source: Calcalistech

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