Applied Ventures Invests in Oncoscope, Inc., Passport Systems Inc.

Applied Ventures, LLC, the venture capital arm of Applied Materials, Inc., announced that it has completed strategic investments in two advanced imaging detection companies: Oncoscope, Inc., a medical optical imaging technology company, and Passport Systems Inc., a provider of advanced cargo scanning systems to identify dangerous and contraband materials.

These investments will be used by the companies to further product development and will also provide Applied Ventures with exposure to cutting-edge and potentially disruptive technologies and related new market applications in the advanced imaging space.

“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.

“We are pleased to be working with Applied Ventures to leverage its extensive technical and business resources as a leading technology company,” said Dr. Perry Genova, president and CEO of Oncoscope. “We believe our distinctive optical screening technology presents significant improvements to today’s existing processes with the potential to help improve cancer detection as we know it.”

Passport Systems’ proprietary automated, non-intrusive cargo screening technology uses 3-dimensional imaging detection to quickly analyze the composition of materials and accurately identify the contents of a container, including commercial items, contraband, and other materials.

“Applied Materials’ strengths in high-energy implanters and inspection and cost-effective high-volume manufacturing will be instrumental in helping us effectively scale our business for mass-adoption in the sea, air and land cargo inspection markets,” said Passport Systems CEO Robert Ledoux. “The strategic and financial support from Applied Ventures will enable us to provide cost-effective, non-intrusive inspection solutions and to ramp up manufacturing capabilities to meet customer requirements.”