Lumitron Technologies, Inc, a developer of monochromatic X-ray systems for high-fidelity imaging and hyper-precision radiotherapy based in California, has closed US$34 million in its latest funding round to advance the development and commercialisation of its revolutionary HyperVIEW X-ray system. Global venture capital firm Vickers Venture Partners spearheaded the round, along with Perennial Value Management and leading family offices across the globe. The round was also supported by Clinton Capital in Australia and Roth Capital in the United States.
Lumitron’s HyperVIEW X-ray system presents a resolution improvement of up to 1,000 times as compared to conventional X-rays while generating significantly less radiation and occupying a desktop footprint. This enables it to deliver the capability of billion dollar-scale particle accelerators to point-of-use applications in industries such as research, medicine, industry and advanced manufacturing.
Dr. Chris Barty, Executive Director and Chief Technology Officer of Lumitron Technologies, Inc said: “Lumitron has outstanding support from its shareholders such as Vickers Venture Partners, who are offering us strategic assistance not just financial resources, but also deep partnership with one of the world’s most successful technology investors.”
He added: “The closing of this round, led by Vickers Venture Partners, allows us to not only fast track multiple systems addressing high-end university research applications, but also explore a new paradigm in cancer diagnostics and therapy along with catering for a range of unmet needs in industrial applications for non-destructive imaging and assay.”
Originally developed at the Lawrence Livermore National Laboratory in Livermore, California, Lumitron’s ground-breaking HyperVIEW platform enables the creation of X-ray images in the purest ultra-high resolution.
The system also includes detailed imaging and elemental analysis capabilities, as well as the ability to capture motion at the picosecond time scale. This allows the system to accelerate developments in research, medicine, 3D printing, mining, security, semiconductor manufacturing and non-destructive evaluation of materials.
Dr. Finian Tan, Chairman of Vickers Venture Partners said: “Lumitron’s hyper-precision X-ray systems are a breakthrough for the medical and industrial fields, and we see immense potential in their unprecedented precision and capability. We are pleased to support Lumitron in developing their X-ray technology and gamma ray systems, which we see as having the potential to benefit millions of patients, healthtech firms and industrial fields around the world.”
Ryan Sohn, Deputy Portfolio Manager of Perennial Value Management said: “Lumitron’s outstanding progress to date and broad recognition demonstrates how critical it is to support the continued advancement of technology, particularly in the medical field. Lumitron’s revolutionary X-ray technology could change millions of lives and businesses for the better, not just in healthcare or but in a variety of industrial applications too. Perennial Value Management is pleased to support Lumitron in realising their potential to contribute towards a better future.”
With the raising of the new funds, Lumitron aims to build its first commercial X-ray systems in the final quarter of 2020. The company is already receiving strong interest from university research facilities and Government institutions across the world.
About Lumitron Technologies, Inc.
Based in Irvine, California, Lumitron Technologies, Inc. was established by its executive chairman, Mr. Maurie Stang, to develop and commercialize unique x‐ray systems that enable revolutionary new capabilities for high-fidelity imaging, ultra-low dose imaging and hyper-precision radiotherapy.
For more information, visit www.lumitronxrays.com
About Vickers Venture Partners
Vickers Venture Partners is a global venture capital firm focused on early-stage investments in the technological and geographical mega trends of the world. The firm’s portfolio covers life sciences, technology, media, and telecommunications as well as consumer and financial services. The partners’ track records include hits such as Baidu.com, Inc, Focus Media Holding Ltd, Kongzhong Corp, Cambridge Real Estate Investment Trust, Sunfun Info Co., Asian Food Channel (trade sale), UUCUN (trade sale), TWG Tea (trade sale), RTG Asia (trade sale), JJE (trade sale), Hillstone (trade sale, IPO), M-Daq (trade sale), Tenfen (trade sale), Kuyun (trade sale) and Mainspring (trade sale). The total market value of the companies that the partners have helped grow exceeds US$90 billion today. Vickers Venture Partners announced that they are targeting to raise US$500 million for their latest fund VI and have started investing from it after their first close in Oct 2019.
Vickers Venture Partners was founded by Dr Finian Tan together with his co-founders Dr Khalil Binebine, Dr Jeffrey Chi, Dr Damian Tan, Linda Li and Raymond Kong in 2005. It is headquartered in Singapore with offices in Shanghai, Hong Kong, New York, San Diego, Silicon Valley and London.
Find out more online at www.vickersventure.com