NVision raises $55M Series B for quantum-enhanced MRI platform
Illustration: Aïda Amer/Axios
NVision, a German quantum imaging technology company, on Wednesday said it has raised a $55 million Series B.
Follow the money: NVision plans to begin fundraising a Series C north of $100 million later this year, CEO Sella Brosh tells Axios Pro.
Zoom in: Medical device and diagnostics giant Abbott led the Series B and was joined by Playground Global, Matterwave/b2ventures and Entrée Capital.
- NVision has now raised $120 million to date and is valued between $250 million and $300 million, Brosh says.
- Founded in 2015, NVision has developed Polaris, a quantum-enhanced sensing MRI platform to detect and treat cancer.
How it works: The technology can produce MRI scans without radioactive radiation that are up to 100,000 times more sensitive than what's currently available.
- Current customers include cancer centers and research institutions, such as Memorial Sloan Kettering Cancer Center, the University of Cambridge and the Technical University of Munich.
What's next: NVision is also expanding its offerings from quantum sensing to quantum computing, which it says could help design and validate new therapies.
What they're saying: "I see a future where quantum computers generate an explosion of drug hypotheses for diseases that are exceptionally difficult to treat today," Brosh says.
- "I was intrigued on their novel application of physics," Playground general partner Peter Barrett says.
The big picture: NVision's fundraise comes as medtech investors put more money into fewer deals.
- About 31% of the 79 medtech financing rounds in Q1 were over $50 million, per a recent JPMorgan and DealForma report.
