MARS Bioimaging advances Series A to $10M target and appoints group CEO for world-first color CT imaging system scale-up

CHRISTCHURCH, NZ – August 15, 2025 - MARS Bioimaging, a New Zealand-headquartered medical device company specializing in spectral molecular imaging CT scanners that deliver 3D color X-rays for point-of-care diagnosis, is advancing the final phase of its Series A investment round to support clinical commercialization milestones. Following a successful initial close of $7.6 million last year, the company is now selectively engaging with new investors to support its next stage of scale, with a total raise target of $10 million under the same terms as the initial close.  

The additional capital will accelerate the company’s growth, including market and technology development, talent acquisition, and scaling of production and supply chain capabilities. 

MARS Bioimaging has also strengthened its leadership team, with the appointment of Dr. Ojas Mahapatra as Group Chief Executive Officer. Mahapatra is an accomplished executive with more than a decade of experience scaling and transforming deep-tech companies in global markets. 

Christopher Stoelhorst, chairman of MARS Bioimaging, says, “We’re thrilled to welcome Dr. Mahapatra as Group CEO to lead MARS in the exciting clinical-pathway phase, where his efforts will be focused on placing growth capital and talent to accelerate growth. His leadership will be instrumental in scaling our commercial and go-to-market capability, advancing entry into new markets internationally where the deployment of the MARS diagnostic product will improve health economics and health equity.”

MARS Bioimaging’s Series A funding round is being led by Pacific Channel, a New Zealand-based venture capital firm that focuses on investments in deep technology, including the future of health.

Dr. Roland Toder, partner of Pacific Channel and investor director of MARS Bioimaging, says, “This is a pivotal time for MARS Bioimaging as they accelerate the global commercialization of their photon-counting CT scanners, which represent a major advancement in medical imaging by delivering 3D color X-rays. The company has a compelling value proposition, a clear pathway from research to clinical markets, and a world-class team focused on executing the Go To Market Strategy, realizing the health and societal benefits of this breakthrough technology.”

Revolutionizing medical imaging at the point of care

MARS Bioimaging has developed the world’s first color CT imaging system designed to transform diagnostic imaging at the point of care. Unlike traditional black-and-white, low-resolution scans, MARS delivers high-resolution, 3D color images of the inside of the body for faster, more accurate diagnoses. The compact system visualizes soft tissue, bone, blood vessels and metallic implants in extraordinary detail without the need for X-ray imaging contrast to be injected into the patient. 

The MARS extremities 5X120 scanner, a compact spectral CT system for upper extremity imaging, is the world’s first commercial medical scanner using Medipix technology. Designed for use in clinical and research environments, it supports applications ranging from cancer detection and orthopedics to the development of contrast agents. The system is already generating research-based revenue and is in use by leading hospitals and institutions across the United States, the United Arab Emirates, Canada, China, Hong Kong and New Zealand.

MARS Bioimaging strengthens leadership 

Dr. Ojas Mahapatra, MARS Bioimaging’s newly appointed Group CEO, says, “I’m honored to join MARS at such an exciting stage in its journey. The company’s breakthrough 3D color X-ray technology has the potential to redefine diagnostic imaging and deliver real impact in both pre-clinical and clinical settings. I look forward to leading the team to transform point of care diagnostic solutions for patients and healthcare providers globally.”

Dr. Mahapatra has led high-growth ventures in advanced technology sectors, driving valuation growth, attracting international investment, and scaling operations globally. He was most recently CEO of New Zealand cleantech company Fabrum. His leadership has been recognized with awards including a New Zealand Prime Minister’s Business Scholarship, India’s Youth Inspiration Award, and recognition by the President of India for academic excellence. He holds a PhD in Physics from the University of Canterbury.

In the expanded leadership structure, Mark Figgit has moved into the role of group chief operating officer.