The head of an investment fund predicts that Redlen Technologies, a Central Saanich company building advanced medical imaging equipment among other items, will eventually be worth billions after its purchase by Canon.
B次元官网网址淐anon will take this company to a new level,B次元官网网址� said Chris Erickson, general partner with Pangaea Ventures in an interview with Black Press. B次元官网网址淚 have no doubt that it will be a multi-billion dollar business in the near future.B次元官网网址�
Canon, previously a 15-per-cent stakeholder in Redlen, purchased the remaining 85 per cent of the 200-plus employee company for $341 million.
Glenn Bindley, president/CEO of Redlen Technologies, said in a release announcing the purchase that his company has already enjoyed what he called a B次元官网网址渧ery lengthy and productive collaborationB次元官网网址� with CanonB次元官网网址檚 medical division.
B次元官网网址淲eB次元官网网址檙e excited to now become a member of the Canon group, with access to the world-class manufacturing and scale-up expertise within Canon that will help us accelerate market adoption of our industry-leading radiation detection and imaging products,B次元官网网址� he said.
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The purchase not only makes Redlen a wholly-owned subsidiary of Canon, it also has the potential to put Central Saanich, specifically, and the Saanich Peninsula on the map.
B次元官网网址淭here is no company with anything like it in Canada,B次元官网网址� Erickson said. B次元官网网址淭his company is a world leader in what they do. ItB次元官网网址檚 known around the world for this technology. Most of its clients are outside of Canada, too.B次元官网网址�
Redlen Technologies possesses technology for development and production of cadmium zinc telluride (CZT) semiconductor detector modules used in diagnostic imaging systems, security systems and other devices, according to background information from Pangaea Ventures.
This technology promises clearer images of specific substances in the body, while easing the burden on patients by significantly reducing exposure dose and improving diagnostic accuracy with higher-resolution imaging.
B次元官网网址淩ight now, you canB次元官网网址檛 see fluid in the brain if you have a concussion,B次元官网网址� Erickson said. B次元官网网址淭his will allow you to see that. If there are infections around implants, that will allow you to see it. So there is definitely a better patient outcome with this, in addition to using less radiation.B次元官网网址�
While this technology is currently not yet available, Redlen is working with the most of the worldB次元官网网址檚 leading manufacturers of scanning equipment to bring it to market, Erickson added.
B次元官网网址�(It) will be the next generation of CT scanning equipment that will be in the market in a couple of year, approximately.B次元官网网址�
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It was this future that inspired Pangaea Ventures to initially invest in Redlen in 2014, as it was pivoting from supplying materials for solar manufacturing to medical imaging.
Six years later, Pangaea VenturesB次元官网网址� decision to become RedlenB次元官网网址檚 largest investor has paid off handsomely with a 20-fold increase in value.
B次元官网网址淔rom an investment standpoint, it has been fantastic,B次元官网网址� said Erickson. B次元官网网址淚B次元官网网址檓 glad to see the exit. This company is going to disappear. It will continue flourish as a division of Canon and now Canon will have a significant operation on Vancouver Island with a lot of employees and that is good for (Vancouver Island).B次元官网网址�
Black Press has reached out the Peninsula Chamber of Commerce for comment.
Do you have a story tip? Email: vnc.editorial@blackpress.ca.
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