Mars Bioimaging

The core of MBI's business is the development and sale of advanced medical imaging scanners. The technology is built upon the Medipix3 detector chip, which was developed by a collaboration led by CERN, the European Organization for Nuclear Research. MBI holds an exclusive license for this technology for medical imaging at the point of care. The MARS scanner distinguishes itself from traditional black-and-white CT and MRI systems by its ability to perform spectral (multi-energy or "true colour") imaging. This is achieved by counting individual x-ray photons and analyzing their energy levels, which provides detailed information about the atomic structure and composition of tissues. This allows for the identification and quantification of different materials in the body, such as fat, water, calcium, and even disease markers, in a single scan.

MBI's business model involves selling its scanners to two main client segments: biomedical research laboratories and clinical healthcare providers. For the research market, the company offers the MARS Microlab 5X120, a pre-clinical scanner that allows scientists to conduct studies in areas like cancer detection, drug development, and nanoparticle tracking. The revenue from these research-based sales has been a key part of the company's operations. For the clinical market, MBI has developed compact, point-of-care scanners, such as a system for hand and wrist injuries. These smaller units are designed to be used in outpatient clinics and orthopedic offices, offering a lower-cost and more accessible alternative to large, infrastructure-heavy MRI or full-body CT scanners. This strategy aims to increase patient throughput for hospitals and allows smaller clinics to internalize imaging revenue. The company has received significant funding through grants from New Zealand government bodies like the New Economy Research Fund and the Ministry of Business, Innovation and Employment, as well as Series A and B funding rounds led by venture capital firms.