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Will Nanox be the next Israeli hit on Nasdaq?

Will Nanox be the next Israeli hit on Nasdaq?

Medical imaging company plans to raise $125 million. The valuation of the company is estimated to be at least $600 million

Meir Orbach | 19:51  02.08.2020

Less than a week after the completion of a $110 million series B financing round, Israeli medical imaging company Nanox, incorporated as Nano-X Imaging Ltd., has filed a registration statement for its upcoming Nasdaq initial public offering with the U.S. Securities and Exchange Commission under the ticker symbol “NNOX.”

According to the filing, Nanox intends to raise $125 million. The valuation of the company is estimated to be at least $600 million.

According to the company, "certain of our existing investors and their affiliated entities...have indicated an interest in purchasing an aggregate of up to approximately $80 million of our ordinary shares in this offering at the initial public offering price."

Ran Poliakine, CEO of Nanox. Photo: LUZ Corporate Photography Ran Poliakine, CEO of Nanox. Photo: LUZ Corporate Photography Ran Poliakine, CEO of Nanox. Photo: LUZ Corporate Photography

These investors include SK Telecom, Yozma Group Korea and Jin Ji Full Investment Holding Co., Ltd., an affiliate of Foxconn Singapore.

Nanox was founded in 2012 by Ran Poliakine, who also heads a development center in Neve Ilan just west of Jerusalem that hosts 10 startups, including Illumigyn, Wellsense Technologies LLC, and others. Nanox develops an innovative digital X-ray-based imaging device that produces a three-dimensional scan. Its technology is intended to reduce the cost of existing similar medical imaging systems and increase accessibility to X-ray medical diagnostic results. The company employs 60 people in Israel and Japan.

Its round B got underway last December and included investments by the likes of SK Telecom, Fujifilm Holdings Corp., and Foxconn. So far the company has raised $137 million.

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