CAS-backed X-ray technology developer XpectVision Technology has added $14.2m to its coffers to drive the development of its mammography device.
XpectVision Technology, a China-based X-ray hardware developer backed by Chinese Academy of Sciences, has procured RMB100m ($14.2m) in a series B round led by venture firm Shenzhen Time Bole Venture Capital Investment, China Money Network has reported.
Founded in 2015, XpectVision Technology focuses on developing enhanced X-ray imaging technologies. Its current priority is an X-ray chip that applies quantum counting algorithms to measure pixels emitted from the machine’s sensor before converting the signal into digital form to determine its overall light intensity.
Other products in its development pipeline include fluorescence detectors, synchrotron radiation detectors and an ultra-low dose X-ray for angiography, a specialised form of the procedure used to check blood vessels.
XpectVision will use the money to optimise the X-ray sensor chip while also funnelling capital into work on its mammography machine project. It also aims to secure regulatory certificates for certain products and commence pilot production.
CAS Holdings, the holding arm of Chinese Academy of Sciences, joined IDG Capital to supply XpectVision with $6.2m in pre-series B funding in June 2018, after XpectVision had raised an undisclosed series A sum in January 2016 from IDG Capital and CICC-Qianhai Development Fund Management.
Northern Light Venture Capital put up an undisclosed amount of angel funding for the company the previous year.