Weeks after closing a $59 million funding round, Israeli medical imaging startup Nanox announced that it raised $165.2 million in an initial public offering (IPO) on the Nasdaq on Friday. Price-per-share was set at $18 but it opened at $20.34 and closed out the day Friday at $21.70.
This development gives the Neve Ilan-based company a valuation of approximately $1 billion. The offering is expected to close on August 25, 2020.
Nanox was founded in 2018 and has developed a commercial-grade digital X-ray machine that competes with larger, more expensive machines and that is a fraction of the cost (approximately $10,000 compared to several million) and weight (about 70kg compared to about 2,000 kg for a CT scanner).
The Nanox.Arc is paired with the Nanox.Cloud, a software for medical imaging services that offer image repository, radiologist matching, diagnostics review and annotation, connectivity to diagnostic assistive AI systems, billing, and reporting.
The system aims to improve the accessibility and affordability of early detection services through medical screening as a service (MSaaS) and increase the availability of imaging as a standard of care, Nanox says. The company also has a unique business model that will allow for wide distribution and accessibility, and will charge health providers on a pay-per-scan service model.
Nanox expects the system to be available globally in 2021.
Investors in Nanox have included SK Telecom, South Korea’s largest wireless carrier, Industrial Alliance, Foxconn, and Yozma Korea.
“It is easy to say that we are aiming to change the world,” Nanox founder and CEO Ran Poliakine said in late July. “We have a bold vision of helping to eradicate cancer and other diseases by means of early detection. We are actively working for the deployment of a global medical imaging service infrastructure that may turn this dream into reality.”
The company said last month that it signed agreements for the Nanox.ARC in 13 countries. Previously, the medical imaging company said it would work with SK in South Korea to deploy 2,500 Nanox Systems in South Korea and Vietnam in clinics and medical centers that cannot afford medical imaging equipment.