Funding obtained for advancement of Mars' color Computed Tomography imaging system in Series A round
MARS Bioimaging Secures Funding for Growth and Expansion
MARS Bioimaging, a New Zealand-based company specializing in spectral molecular imaging CT scanners for point-of-care musculoskeletal diagnosis, is in the final phase of its Series A investment round. The funding round, led by Pacific Channel, a New Zealand-based venture capital firm, aims to raise $10 million New Zealand dollars ($6 million U.S.).
In a significant move, Ojas Mahapatra, PhD, has been appointed as the new group CEO of MARS Bioimaging. Mark Figgit has been named group chief operating officer.
Last year, MARS Bioimaging raised $7.6 million ($4.5 million U.S.) in its Series A investment round. The funds will be used for market and technology development, talent acquisition, scaling of production and supply chain capabilities. The Series A funding round is still ongoing and is engaging with new investors.
The terms for the new investors are the same as those for the initial close of the round last year. The new investors joining MARS Bioimaging in the final phase of its Series A round have not been publicly disclosed yet.
MARS Bioimaging's spectral molecular imaging CT scanners deliver 3D color images. The MARS extremities 5X120 scanner, a compact spectral CT system designed for upper extremity imaging, is suitable for clinical and research environments. This scanner supports applications ranging from cancer detection and orthopedics to the development of contrast agents.
Based in Christchurch, New Zealand, MARS Bioimaging is poised for growth and expansion with the successful completion of its Series A investment round. The new leadership team, under the guidance of CEO Ojas Mahapatra and COO Mark Figgit, looks forward to driving the company towards its vision of revolutionizing musculoskeletal diagnosis.
