January 16, 2024 -- QDI Systems, a deep technology company based in Groningen, has announced its Series A funding of 5 million euros to scale up its revolutionary quantum dots technology for the medical sector and new markets.

QDI Systems develops imaging devices for medical applications, utilising cutting-edge nanomaterial quantum dots. Quantum dots are tiny, solution-processable semiconductor nanoparticles that convert photons into electronic signals efficiently. Though this class of materials was discovered several decades ago, quantum dots have only recently appeared in commercial products in imaging and sensor technology. QDI Systems is the first company in the world to apply the technology to medical imaging such as X-rays and mammography screening.

QDI Systems was founded in 2019 as a spin-off of the Zernike Institute for Advanced Materials at the University of Groningen by physicist, PhD Artem Shulga.

“Quantum dots have enormous potential to revolutionise medical imaging, especially in the area of X-ray imaging. Compared to other technologies, they offer higher image quality with significantly lower radiation doses. The technology can greatly improve the quality, safety and speed of procedures such as mammography screening and diagnostics,” says QDI Systems’ CEO and founder Artem Shulga.

In addition to X-ray applications, QDI Systems is also developing technology that utilises shortwave infrared (SWIR). The use of SWIR presents significant new potential markets for the company, including industrial applications, such as image sensors for sorting processes, and consumer applications like facial recognition for mobile phones.

“We work with image sensing and semiconductor companies, which typically focus on image sensors beyond X-ray. With the shortwave infrared market on the brink of significant growth due to consumer market adoption, this application unlocks a significant market opportunity for us,” Shulga says.

Recently, QDI Systems, in collaboration with the Swiss Center for Electronics and Microtechnology CSEM, developed the first quantum dots-based CMOS imaging chip for X-rays. This breakthrough innovation has potential applications in healthcare, machine vision, and more.

Deep technical know-how and commercial vision

The funding round was led by the Investment and Development Agency for the Northern Netherlands, NOM, and joined by previous investors Carduso Capital, RuG Ventures, and the renowned Nordic venture capital fund Maki.vc. The funding also includes an innovation loan of €1.97 million from the Netherlands Enterprise Agency (RVO). This prestigious R&D loan is designed for the development of innovative science-based projects with substantial technical risks and excellent market prospects.

“QDI Systems has shown significant potential to revolutionise medical imaging through the innovative use of quantum dot technology. The team has a unique scientific background, profound technical knowledge, and extensive commercial experience, providing a strong foundation for success,” says Ytsen van der Meer, Investment Manager at NOM.

In July 2023 QDI Systems established its lab paving the way for a significant increase in production and commercial scaling. The company will use the funding to scale up further the quantum dots technology for the medical sector and new markets.

“With the backing of this investment, we plan to double our team size in the coming years, on both the commercial and production fronts, as well as in R&D. We are working our way to become the leading technology provider for various X-ray applications,” Shulga concludes.