Israeli medical imaging technology company Nanox announced June 4 that South Korea's SK Telecom is to boost its stake in the company with an additional $20 million equity investment.
The latest investment comes after Nanox, which produces a futuristic semiconductor-based digital X-ray device and cloud software, raised $26 million, including $5 million from SK Telecom, last year.
Nanox and SK also announced a joint collaboration to increase accessibility to medical imaging for all socio-economic communities by deploying 2,500 Nanox systems in South Korea and Vietnam.
The deployment, subject to regulatory approval, is aimed at democratize medical imaging and promote preventive healthcare through a significant increase of system availability in those markets.
In addition, Nanox announced its intent to establish a wholly-owned Korean subsidiary that will focus on boosting production of the company's X-ray source semiconductor while leveraging SK’s expertise in the semiconductor field.
Nanox's full-body scanning system produces a stable electron stream at low voltage and at a much lower cost than CT or MRI scans. In June 2019, the Israeli company announced an initiative that aims for at least one medical screening for each person on the planet each year.
Nanox CEO Ran Poliakine said “Nanox’s vision is nothing short of helping eradicate cancer and other conditions that plague us by increasing early detection of medical conditions that are discoverable by X-ray. We have been working for over eight years to bring a new breed of imaging to the world that can help us achieve this ambitious goal. Big visions require big partnerships to become real. SK is one of our greatest supporters and we go hand in hand for creating a world where no person has to wait weeks and months in line for radiology services and diagnostics.”
The CEO of SK, Jung Ho Park, expressed optimism about the prospects for cooperation between the two companies. “We passionately seek to revolutionize healthcare by leveraging on innovative technologies. We see Nanox as one of the most promising companies to make a real difference for early detection of disease and higher standard of care to the humankind. We feel the company is making significant progress towards its vision and want to help make it a reality.”