US-BASED X-ray and laser tech firm Lumitron Technologies has closed a US$34 million funding round led by Singapore-based venture capital (VC) firm Vickers Venture Partners.
Other investors in the round included investment management firm Perennial Value Management, Australia VC advisory business Clinton Capital, US-based investment bank Roth Capital and family offices across the globe, Lumitron said on Tuesday.
The company's HyperVIEW X-ray platform consists of laser-based, hyper-precision X-ray systems that can be used in research, industrial, medical and therapeutic applications.
Lumitron aims to build its first commercial X-ray systems in the final quarter of 2020 with the funds raised and has received "strong interest from university research facilities and government institutions across the world".
Finian Tan, Vickers Venture Partners chairman, said: "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."
Chris Barty, executive director and chief technology officer of Lumitron said the funding will help the company fast track multiple systems which address high-end university research applications, "explore a new paradigm in cancer diagnostics and therapy" and cater to needs in industrial applications for non-destructive imaging and assay".