From 'Semiconductor + Medical' to 'Semiconductor + Detection Technology Platform': ZhenGuang DeXin Completes Series C Financing of Several Hundred Million RMB

VCBeat (WeChat ID: vcbeat) has learned that Shenzhen Xpectvision Technology Co., Ltd., a company specializing in semiconductor-based X-ray detection technology, has completed a C-round financing of hundreds of millions of yuan, jointly invested by Gaoda Tongdao and Guosen Capital.

The company’s core business focuses on photon-counting X-ray detection technology and the development of complete imaging systems. Previously, Shenzhen Xpectvision Technology Co., Ltd. secured multiple rounds of investment from institutions including Aurora Venture Capital, CICC Capital, IDG Capital, Guoke Investment, and CCB International. This round of financing will be allocated to further R&D of detectors, expansion of the medical product portfolio, establishment of a scientific research product line, and scaling of the sales network.

Photon counting originated from high-energy physics detection research and is widely recognized as the next-generation X-ray detection technology. In recent years, international giants in the X-ray field have been “racing to enter” the market, investing heavily in the research and development of photon-counting technologies.

Xpectvision is one of the few companies worldwide that independently owns and develops photon-counting technology. In 2020, Xpectvision became the first globally to obtain regulatory clearance for area-array photon-counting medical imaging devices. Its photon-counting mammography systems and intraoral dental imaging systems achieved mass production and commercial sales by mid-2021, outpacing major international competitors.

As a Chinese sensor chip platform technology enterprise pursuing a model of independent innovation, Xpectvision is one of the few hard-tech companies in China that drives source-level technological innovation from fundamental physics principles and has established a layout across the entire industry chain. Through substantial investments in semiconductor materials, chip design, packaging processes, and algorithms, Xpectvision has fully mastered the core technologies of photon counting. The company has filed hundreds of domestic and international invention patents for protection and has obtained over 100 granted patents.

Xpectvision’s photon-counting detector chip and its algorithms are both independently developed. X-rays pass through the object being imaged and are directly converted into electrical signals by the detector array, which are then transformed into digital signals by the readout chip (photon counter), thereby enabling direct imaging. Compared with other X-ray imaging technologies, it offers a series of advantages, including ultra-high definition, high grayscale resolution, zero dark noise, high dynamic range, perfect linearity, and ultra-low power consumption.

Photon-Counting Detector and Schematic Diagram of Counting Principle

Clear Comparison of Experimental Animal Tissue Structures

High Dynamic Range and Zero Dark Noise Comparison Demonstration

(Top row: Actual dental images captured with CMOS sensors; Bottom row: Actual dental images captured with Xpectvision photon-counting detectors)

Currently, Xpectvision’s medical imaging systems include mammography systems, dental imaging systems, and a series of research-grade detectors. Below are the whole-system images along with corresponding actual photographs.

Xpectvision “Qingzhao” Mammography System and Related Clinical Images

Mammography: Typical Malignant Mass with Calcifications

Xpectvision’s intraoral dental imaging system delivers stable performance with over 100,000 imaging cycles, enabling instant image capture and seamless upload. With its high cost-effectiveness, the system accelerates the adoption of digitalization in the dental diagnosis and treatment industry.

In the field of dynamic imaging, Xpectvision, in collaboration with its partners, has completed dynamic mouse imaging using photon-counting detectors.

In addition to traditional X-ray absorption imaging, photon-counting detectors have significant applications in X-ray diffraction imaging, phase-contrast imaging, and fluorescence imaging, facilitating the commercialization of these modalities. For instance, in X-ray phase-contrast imaging, the integration of zero-dark-noise, ultra-high-frame-rate photon-counting detectors yields high-contrast, high-grayscale, ultra-high-definition images, revealing greater detail in soft tissues. In X-ray fluorescence imaging, high-resolution identification of fluorescence spectra via photon counting will give rise to a new generation of imaging equipment that disrupts conventional functional imaging.

Left: Schematic diagram of X-ray phase contrast principle Right: Comparison between X-ray absorption imaging and phase-contrast imaging

Shenzhen Xpectvision Technology Co., Ltd. also provides a range of scientific research detectors with medium-to-high detection rates and various active areas, supporting the development of domestic scientific research and independently owned intellectual property research instruments; meanwhile, these detectors are also widely used in flaw detection and modeling of lightweight materials.

In terms of scientific research instruments, Xpectvision’s R&D pipeline includes nano-focus X-ray tube CT systems, diffractometers, and fluorescence analyzers. Due to the low X-ray photon flux of ultra-high-precision nano-focus X-ray tube CT systems, there are stringent requirements for detector accuracy and dynamic range; therefore, photon-counting detectors are the preferred choice for such high-precision scientific instruments. In the field of X-ray diffractometry, photon-counting area-detector diffractometers offer several-fold higher efficiency compared to traditional diffractometers. Traditional scientific instrument manufacturers, such as Bruker (Germany) and Rigaku (Japan), are also making significant strides in the photon-counting sector. The new generation of photon-counting X-ray fluorescence analyzers enables energy-dispersive resolution of weak signals, effectively enhancing the accuracy of elemental analysis and broadening their range of applications.

Cao Peiyan, founder of Shenzhen Xpectvision Technology Co., Ltd., statedPhoton-counting technology is a platform-level technology that will bring disruptive innovative products to healthcare, scientific research, industry, and even agriculture, enhancing imaging efficiency and reducing imaging costs, thereby supporting the development of high-quality medical imaging and high-precision manufacturing. Following this financing round, while continuing to deepen its focus on medical product lines, Shenzhen Xpectvision Technology Co., Ltd. (Xpectvision) will further increase R&D investment in areas such as X-ray fluorescence imaging and phase-contrast imaging detection to ensure its leading position in the detector field. Additionally, Xpectvision will expand its application-oriented R&D in scientific research and industrial sectors, including ultra-high-precision scientific CT systems, X-ray diffractometers, and fluorescence analyzers.