This funding round was spearheaded by NOM, the Investment and Development Agency for the Northern Netherlands, and saw participation from the firm's earlier investors, including Carduso Capital, RuG Ventures, and the renowned Nordic venture capital fund Maki.vc.

QDI Systems, specialising in medical imaging devices, employs advanced nanomaterial quantum dots. These tiny, solution-processable semiconductor nanoparticles efficiently convert photons into electronic signals. While quantum dots were discovered several decades ago, their commercial use in imaging and sensor technology is a recent development. QDI Systems holds the distinction of being the first company globally to adapt quantum dots technology for medical imaging applications like X-rays and mammography screening.

The company, founded in 2019 as a spin-off of the Zernike Institute for Advanced Materials at the University of Groningen, was initiated by physicist and PhD graduate Artem Shulga. QDI Systems is revolutionising medical imaging by incorporating these cutting-edge nanomaterial quantum dots into processes such as X-ray imaging, enhancing safety, speed, and precision.

“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. “We are proud to pioneer this technology in medical imaging. Our mission is to provide high-quality images for radiologists for more precise and early-stage diagnostics.”

QDI Systems is expanding its technological expertise beyond X-ray applications by developing technology that utilises shortwave infrared (SWIR). The integration of SWIR into their offerings opens up substantial new market opportunities for the company. This includes industrial applications, such as image sensors for sorting processes, and consumer applications, like facial recognition for mobile phones. The adoption of SWIR technology signifies a strategic move by QDI Systems to diversify its application portfolio and penetrate various market segments.

"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.

"Our collaboration with QDI Systems has been outstanding. This innovation offers great potential and excites our shared customers in medical and industrial imaging,” says Nadim Maamari, Group Leader Edge, AI, and Vision systems at CSEM.

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.

“QDI Systems’ groundbreaking application of quantum dots technology is setting new standards in the field of medical imaging. We are thrilled to continue backing Artem Shulga and his team in becoming the leading company in the industry,” says Paavo Räisänen, Partner at Maki.vc.

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. We are excited to work on existing and new applications of our quantum dots technology worldwide,” Shulga concludes.