Xpectvision Technology Files IPO Prospectus: Pioneering Global Leadership in Photon-Counting X-ray Imaging

As a crucial adjunct to clinical diagnosis, the outcomes of diagnosing and treating many diseases largely depend on the imaging characteristics and functionalities of medical imaging equipment. However, due to the relatively late start of China’s medical device industry, foreign brands have dominated the high-end segment of the domestic market in recent years. This trend is particularly pronounced in technically demanding fields such as the research and development of medical imaging devices.

Amid the wave of domestic innovation, one company has continuously explored core frontier technologies. By achieving breakthroughs in photon-counting technology, it has successfully introduced a “disruptive” X-ray imaging system to the industry, ushering in a new chapter for X-ray imaging systems. This company is Shenzhen Xpectvision Technology Co., Ltd. (hereinafter referred to as “Xpectvision”), founded in 2015.

Before delving into Xpectvision, let us briefly review the development and applications of X-ray imaging.

Since German scientist Wilhelm Röntgen discovered X-rays in 1895, more than a century has passed. Over these hundred-plus years, X-ray technology has been widely applied in fields such as medical imaging, security screening, non-destructive testing, and scientific research, playing a significant role. X-ray imaging has also evolved through multiple stages, from film to digital flat-panel detectors. Each technological leap has spurred market transformation.

However, both early film-based systems and subsequent CCD detectors with scintillators and indirect flat-panel detectors (amorphous silicon flat panels and CMOS indirect flat panels) employ indirect imaging methods. During the conversion of X-rays into visible light, scattering occurs, resulting in blurred images. To obtain clearer X-ray images, it is inevitable to increase the radiation dose, which poses potential risks to patient safety in medical applications.

Another approach to addressing the suboptimal image quality of conventional X-ray imaging is to directly modify the imaging methodology. Currently, the primary direct imaging technologies employed are amorphous selenium technology and photon-counting technology., as X-ray photons are directly converted into electrical charges, scattering is avoided, and image clarity is significantly improved.

Among these, amorphous selenium flat-panel detectors utilizing amorphous selenium technology have been widely applied in the field of breast cancer screening. Owing to their superior imaging performance, amorphous selenium flat-panel detectors firmly dominate the mammography market. However, their sensitivity to ambient temperature and humidity, coupled with high purchase prices and maintenance costs, has hindered their adoption in other application areas.

Photon counting technology originated in the field of high-energy physics. Since its proposal in the 1980s, it has played a significant role in the detection of low-light and dim-light conditions and is widely recognized as the next-generation X-ray imaging technology. By employing high-speed application-specific integrated circuits (ASICs) to count X-ray photons individually, this technology utilizes voltage threshold discrimination to filter out weak noise. As a result, the acquired image signals are free from dark noise, exhibit high grayscale resolution, offer an ultra-wide dynamic range, and require lower radiation doses for imaging. Compared with amorphous selenium flat-panel detectors, photon-counting detectors are less sensitive to ambient temperature and humidity, thereby offering greater reliability and lower maintenance costs.

Principles of Photon Counting Technology

It is understood that at present, medical device giants such as GE and Siemens have already begun to lay out related products, but currently, the number of companies that can commercialize this technology is very limited. The main reason is that the research and development and manufacturing of photon-counting chips are extremely complex, and issues such as cost, production capacity, and power consumption need to be considered during mass production.

Against this technological backdrop, Shenzhen Xpectvision Technology Co., Ltd. focuses on photon-counting technology, specializing in the development of area-array X-ray photon-counting detector chips and the manufacturing of complete systems.The company currently holds over 100 PCT international patents and has filed nearly 300 national patent applications in countries including the United States, China, Japan, and Singapore, covering a wide range of core underlying technologies such as semiconductor components, integrated circuits, and manufacturing processes.。

 Integrated Chip Dedicated to Photon-Counting X-ray Detectors (Left); Package Diagram of Photon-Counting X-ray Detector (Right)

Shenzhen Xpectvision Technology Co., Ltd.’s success in overcoming this technological barrier and achieving industrial-scale implementation is clearly attributable to the team’s solid technical foundation.

Regarding the team, Cao Peiyan, Founder and Chairman of Xpectvision, earned his bachelor’s degree from Tsinghua University and subsequently conducted doctoral research at Cornell University and the University of Texas in the United States. Other core R&D personnel either possess academic R&D backgrounds in semiconductor chips from prestigious U.S. universities or have extensive professional experience in the medical imaging academia and device industry. The company has also recruited top-tier talent from around the world in the fields of healthcare big data and artificial intelligence, ensuring the advancement of its R&D projects.

By achieving breakthroughs in the system integration technology of X-ray photon-counting detector systems, Shenzhen Xpectvision Technology Co., Ltd. has successfully secured a leading position in advanced international medical imaging technologies, breaking away from China’s historical pattern of “follow-on” development in the field of medical imaging. Thanks to upgraded manufacturing processes and independent control over core critical components, the company can significantly reduce production costs while ensuring equivalent or superior performance, thereby providing a competitive advantage for its market deployment.

Since its establishment, Shenzhen Xpectvision Technology Co., Ltd. has secured multiple rounds of investment from institutions including IDG Capital, Northern Light Venture Capital, CICC Capital, Guoke Investment, Jianxing Medical Fund, and Septwolves Venture Capital, thanks to its continuous breakthroughs in cutting-edge technologies. This achievement has garnered widespread recognition and support from the capital market.

Based on the currently deployed products, Xpectvision is primarily targeting breast disease diagnosis and the dental field at this stage.

According to data from the World Health Organization, breast cancer surpassed lung cancer in 2020 to become the most commonly diagnosed cancer worldwide. In response to the threat of breast cancer, the globally recognized approach is consistent, population-wide breast cancer screening. Regarding early screening and diagnosis, mammography is an effective breast cancer screening method approved by the U.S. Food and Drug Administration (FDA) and recommended by the Chinese Anti-Cancer Association, and it has been widely adopted in many middle- and high-income countries.

By innovatively applying area-array photon-counting X-ray detectors to breast imaging, Shenzhen Xpectvision Technology Co., Ltd. has developed a high-performance, cost-effective full-field digital mammography system.Compared with traditional digital mammography systems, area-array photon-counting mammography systems not only offer advantages such as rapid imaging, low radiation dose, and zero dark noise, but also demonstrate superior stability, ensuring consistent performance across diverse operational environments.. Therefore, this product can reach communities, workplaces, and remote areas, benefiting a broader population.

It is understood that this product has successfully obtained a medical device registration certificate.This approval not only signifies that China has achieved leapfrog development in the specialized medical imaging technology industry, but also brings more high-quality and accessible products and solutions to the sector.

Xpectvision’s other photon-counting intraoral X-ray imaging system, which has already obtained registration certification, enables instant image display without waiting and eliminates the need for phosphor storage plates., delivering a convenient and high-quality digital experience for patients. Furthermore, priced at less than half that of comparable products, it provides end customers, particularly primary healthcare institutions, with dental digital imaging equipment that is more convenient, offers clearer images, and delivers superior cost-effectiveness.

In terms of operation, medical professionals can precisely capture images of individual tooth positions within the oral cavity according to actual clinical needs. To provide a more convenient user experience for healthcare providers, Xpectvision has adopted a diversified design strategy and launched two sizes of intraoral sensors to meet varying imaging area requirements.

At the recent 84th China International Medical Equipment Fair (CMEF), Xpectvision also showcased a series of complete system solutions beyond the two aforementioned products. These included a wide range of medical imaging devices based on area-array photon-counting X-ray detectors, such as 3D breast tomosynthesis systems, breast specimen radiography systems, oral and maxillofacial CBCT, high-definition orthopedic DR, and high-definition small animal in vivo imaging systems.

From theory to research and finally to practical implementation, photon-counting technology has evolved from a once-proclaimed “future” into today’s reality. This progress reflects the perseverance of numerous innovators. Leveraging breakthroughs in core underlying chip technologies, Shenzhen Xpectvision Technology Co., Ltd. has truly made this technology accessible to the general public.

As a cutting-edge technological product, area-array photon-counting X-ray detectors have secured a first-mover advantage both domestically and internationally. In addition to its presence in the medical imaging sector, Shenzhen Xpectvision Technology Co., Ltd. is actively engaged in the design and R&D of photon-counting technology-related products for industrial and scientific research applications.

In the future, Shenzhen Xpectvision Technology Co., Ltd. will accelerate the market launch of more products and solutions based on photon-counting X-ray detectors, continuously driving innovative development in X-ray detection technology and providing the industry with more valuable solutions. The future of Shenzhen Xpectvision is certainly worth anticipating.