June 4, 2020 / 11:11 AM / 2 months ago

SK Telecom invests $20 million in Israeli medical imaging firm Nanox

Visitors pass in front of the SK Telecom booth at the Mobile World Congress in Barcelona, Spain, February 26, 2018. REUTERS/Yves Herman - UP1EE2Q18ZSGQ

TEL AVIV (Reuters) - South Korea’s SK Telecom (017670.KS) has invested $20 million in Nanox, enabling the Israeli medical imaging company to close a $51 million funding round.

This investment brings to $80 million the amount raised from strategic partners Foxconn, FujiFilm and others, Nanox said on Thursday.

In addition, the company and SK are collaborating to increase accessibility to medical imaging by deploying 2,500 Nanox Systems in South Korea and Vietnam in 2021. The deployment is subject to obtaining regulatory clearances.

Nanox also intends to establish a South Korean subsidiary.

The company’s product is composed of a digital X-ray device and cloud-based software 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, CT, mammography, fluoroscopy and angiogram. The company has said it believes its technology will enable it to build imaging systems at lower costs than existing systems.

Reporting by Tova Cohen; Editing by Steven Scheer

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