KA Imaging Reports Record Revenue and Strategic Hires
(Waterloo, March 14 2024) Canadian manufacturer KA Imaging reported a collection of positive metrics to its stakeholders, with revenue four times larger than that of the previous year and a 38% growth in headcount in 2023. The positive trend continues to be observed in Q1 2024.
“We’re proud of what we have accomplished,” said Amol Karnick, President and CEO of KA Imaging. “This is the result of a committed and hard-working team,” he said.
KA Imaging was founded in 2015 as a start-up in the Kitchener-Waterloo area – the world’s second-highest start-up density after Silicon Valley. In its 9th year, it has attracted some strong investors. Currently, its stockholders include names like In-Q-Tel, Inc., a not-for-profit strategic investor that accelerates the development and delivery of cutting-edge technologies to the U.S. intelligence and national security community and its allies, and InnoCare Optoelectronics Corporation, which designs, develops, and builds X-ray flat panel detectors.
“Last year, we saw growth not only in the medical industry, but also in the research and NDT fields,” said Karnick. Early 2023, the company hired veteran Jim Harp to lead the NDT Global Sales. Harp has over 20 years of experience in the scientific and analytical instrument industry.
A significant accomplishment in the research market was the agreement with the University of Greenwich for a inCiTe 3D X-ray unit to support research efforts on fast phase-contrast tomography of soft tissues and biomaterials.
In the healthcare business, seasoned executive Charlie Hicks joined the company as VP of Global Sales in September, bringing in over 25 years of X-ray experience from well known imaging organizations like Carestream and Micro-X.
The company has continued to innovate. In July, it expanded the Reveal product line with the introduction of the premium mobile system Reveal Mobi Pro, currently available for sale in the US.
More than 10 hospitals in the US are utilizing KA Imaging’s patented SpectralDR® technology, contributing clinical data for publications on various applications such as pneumonia, cardiology critical care, emergency, and ICU departments.
For 2024, the company remains focused on developing cutting-edge deep tech projects. “We are now in the middle of a funding round, aiming to close out the US$25M raise, since a good portion is already committed. The funds will be used to fuel our commercialization efforts and develop our new AI technology,” said Karnick.