Applied Ventures, the corporate venturing arm of semiconductor specialist Applied Materials, has invested in two companies that it believes will give its portfolio and parent company exposure to cutting-edge and potentially disruptive technologies related new market applications in the advanced imaging space. Parent company Applied Materials develops software and services for the manufacture of advanced semiconductor, flat panel display and solar photovoltaic products. The capital injected into the two companies will be used to further product development.
Investment, Oncoscope, is a medical optical imaging technology company, and Passport Systems is a provider of advanced cargo scanning systems to identify dangerous and contraband materials.
“Oncoscope’s and Passport Systems’ advanced image-detection capabilities complement Applied Materials’ core expertise in inspection and precision materials engineering,” said Eileen Tanghal, general manager of Applied Ventures. “As a strategic investment fund, we look for opportunities to accelerate and enable new markets through collaboration and open innovation.”
Oncoscope’s optical screening technology is currently being developed to assist physicians in more targeted and efficient examination of a patient’s tissue through guided biopsies. Oncoscope is seeking FDA approval to market its device for detecting precancerous lesions of the esophagus.
Passport Systems’ proprietary automated, non-intrusive cargo screening technology uses 3-dimensional imaging detection to quickly analyse the composition of materials and accurately identify the contents of a container, including commercial items, contraband, and other materials.
In June 2013, Passport Systems completed a $22m equity round of financing from a group of unnamed private, corporate, and institutional investors to accelerate the commercialisation of its advanced Cargo Scanning System and its mobile Networked Detector System product lines.