€ 5 million financing for groundbreaking quantum dot technology from QDI Systems
The Groningen-based high-tech company, QDI Systems, is receiving over € 5 million to further scale its groundbreaking quantum dot technology for both the medical sector and new markets. The funding round was led by NOM, along with previous investors Carduso Capital, RUG Ventures, and the renowned North European venture capital fund Maki.vc. In addition to private investment, the startup also receives an innovation credit from the Netherlands Enterprise Agency (RVO), thanks in part to the support of Enablemi, their partner in subsidy and innovation advice.
QDI Systems was founded in 2019 by CEO Artem Shulga. The company has developed sensor technology based on state-of-the-art nanomaterial: quantum dots. This material efficiently converts photons into electronic signals and has been widely used in imaging and sensor technology for the past few years.
The startup is the world’s first company to apply quantum dots to X-ray machines. When quantum dots are used in X-ray examinations, they can provide higher image quality with much lower radiation doses. Therefore, the technology can have a significant impact on procedures such as mammography screening and diagnostics.
In-depth technical knowledge with commercial vision
During the Series A financing round, QDI Systems raised a total of € 3 million from investors such as NOM, Carduso Capital, RUG Ventures, and the Finnish deep tech fund Maki.vc.
“QDI Systems shows enormous potential to revolutionize medical imaging through the innovative use of quantum dot technology. The team has a unique scientific background, in-depth technical knowledge, and extensive commercial experience, providing a strong foundation for success,” says Ytsen van der Meer, Investment Manager at NOM.
“The groundbreaking application of quantum dot technology by QDI Systems sets new standards in medical imaging. We are excited to continue supporting Artem Shulga and his team in becoming the leading company in the industry,” says Paavo Räisänen, Partner at Maki.vc.
Innovation credit as a driver for ambitions and financing
The startup received an innovation credit of €1.97 million from the Netherlands Enterprise Agency (RVO). This is a special credit intended for the development of innovative projects with significant technical risks and excellent market prospects. This scheme is highly competitive and is typically awarded once a year to a company in the Northern Netherlands. The allocation of this credit was also a condition for € 3 million in private investments.
In addition to applications in X-rays, QDI Systems is also developing technology using shortwave infrared (SWIR). The use of SWIR opens up significant new potential markets for the company, including industrial applications such as image sensors for sorting applications and consumer applications such as facial recognition for mobile phones. “We collaborate with image sensor and semiconductor companies, which typically focus on image sensors outside of X-rays. With the shortwave infrared market on the verge of significant growth due to adoption in the consumer market, this application presents a key market opportunity for us,” says Shulga.
Recently, QDI Systems, in collaboration with the Swiss Center for Electronics and Microtechnology (CSEM), also developed the first CMOS image sensor based on quantum dots for X-rays. This groundbreaking innovation has potential applications in healthcare, machine vision, and more. “Our collaboration with QDI Systems has been excellent,” said Nadim Maamari, Group Leader Edge, AI, and Vision Systems at CSEM. “This innovation offers a lot of potential and genuinely excites our joint customers.”
Since July 2023, QDI Systems has had a new laboratory, paving the way for a significant increase in production and commercial scaling. The company will use the funding to further scale quantum dot technology for the medical sector and new markets.
“With the support of this investment, we have plans to double our team in the coming years, both on the commercial and production fronts, as well as in R&D. We are working to become the leading technology provider for various X-ray applications. We look forward to working on existing and new applications of our quantum dot technology worldwide,” says Shulga.
For more information about this press release, please contact:
– Ytsen van der Meer, Investment Manager NOM at 06 22 03 70 20 or firstname.lastname@example.org
– Juul Gielens, Chief Business Officer QDI Systems at 06 34 52 44 60 or email@example.com
About QDI Systems
QDI Systems is a pioneering deep tech company developing imaging devices for medical applications using advanced nanomaterial quantum dots. The company was founded in 2019 as a spin-off from the Zernike Institute for Advanced Materials at the University of Groningen by physicist Dr. Artem Shulga. The QDI Systems team consists of seven experts, most of whom have a Ph.D. in chemistry or nanoscience.
Find out more: https://www.qdisystems.com/