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Koning

Operating

Koning Corp

Healthcare · Norcross, DE · Founded 2002

Minority-founded

A better way of breast imaging

Post-money valuation ⓘ
$230.8M
As of Dec 2022 · from Reg CF Offering (2022) · pre-money + amount raised, not a traded price
Total raised
$12,902,853
Crowd $3.2M · Private $9.7M · 4 rounds since 2018
Latest share price
$5.69
Reg CF · Common Stock · Aug 2022 offering price

Financials

FY2020–FY2023 · from SEC filings · hover any figure for its source
$2.2M
−$1.7M
2020
$358K
−$4.9M
2021
$1.4M
−$4.5M
2022
$5.6M
−$1.0M
2023
RevenueNet income — beside revenue when positive, below the line when a loss
Metric
FY2020 audited
FY2021 audited
FY2022
FY2023
Income statement
Revenue
$2,163,088
$357,779
$1,418,566
$5,582,800
Cost of goods sold
$93,669
$153,022
$628,887
$3,000,000
Gross margin
96%
57%
56%
46%
Net income
-$1,746,975
-$4,869,465
-$4,505,887
-$1,005,082
Taxes paid
-$7,590
$65
$11,207
$4,350
Balance sheet
Cash
$402,671
$2,535,470
$1,101,137
$686,490
Accounts receivable
$33,103
$322,892
$866,456
$3,359,418
Total assets
$25,550,691
$26,507,126
$27,499,563
$29,520,137
Short-term debt
$2,362,160
$47,116
$4,889,411
$5,396,019
Long-term debt
$1,000,000
$3,558,360
$1,221,400
$3,558,360
Total liabilities
$3,362,160
$3,605,476
$6,110,811
$8,954,379
Other
Headcount
18
13
17
22

Figures as reported by the issuer in the filing shown on hover. Each year’s pill shows the assurance level of its filed statements — audited, reviewed (CPA review, less than an audit), or unaudited, as the filing’s own report or certification states it. A dashed pill marked * is inferred instead: the SEC minimum for an offering that size, which the issuer may have exceeded. No pill means we couldn’t tell. Headcount is the filing’s point-in-time count, not a year-end average. Manually corrected figures are marked “Corrected”.

Valuation over rounds

Pre-money — the valuation set before each round’s money came in
$157.6M
est. pre-money
$200.0M
Valuation cap
$230.2M
pre-money
Section 4(a)(2) · Common · Mar 2021
Reg CF · SAFE · Aug 2021
Reg CF · Common · Aug 2022

Blue bars are the pre-money valuation the company stated for a priced round. Dotted grey bars are our estimate for rounds that didn't state one: the round's share price × the shares outstanding in its filings. Same measure as blue, but rougher. Dashed amber bars are a SAFE or convertible note's valuation cap — the most it converts at, not what the company is worth, so don't compare them with the other bars.

Share price over rounds

$5.69$2.845$5.1003
Mar 2021Aug 2022
Round offering price or verified disclosed saleDisclosed sale, unverified or year-only

Disclosed sales come from the issuer's own filings (prior-offering lines, audited-statement notes) and are amount ÷ securities sold. A down round is a firm point more than 25 % below the previous firm point of the same share class on a comparable basis; the comparison ignores unverified and year-only lines.

Cap table

Share counts as of Dec 31, 2022
ClassOutstandingVotes / shareShare of totalLast price
Preferred stockpreferred34,312,453—100.0%—

Shares outstanding over timein today's share terms

63M31M0
Dec 2020Dec 2022
Common StockPreferred stockRound opened

Principal holders% as the filing states it, Aug 1, 2022

  • Lutao Ning) Ruola Ning10,000,000 Common Stock24.8%of company
  • Owned King Horse LLC10,000,000 Common Stock24.8%of company
  • Everyone else (not named in filings)50.5%

Sold to the crowd

From the company's SEC filings: share counts per class, each class's voting and conversion terms, and the holders of 20% or more that Form C requires (officers and 10%+ holders on Form 1-A). Filings name only large holders, so most owners — including crowd investors — are not listed, and a holder's percentage may be of its own class rather than of the whole company. Prices and crowd share counts are in today's share terms — adjusted for splits and conversions since they were sold. Hover a figure for its filing.

Fundraising history

Raised $492.1K / $2.9MInvestors 388Post-money $230.8M
Reg CF · SAFE · Aug 2021Closedvia Republic
Raised $2.7M / $5MInvestors 2,489Valuation cap $200M
Raised $4.2MEst. pre-money $157.6M

Team

14 people
Ruola NingFounder
Founder and Global Chairman of the Board

Dr. Ruola Ning is a graduate of the University of Utah with an MS and Ph.D. in Electrical Engineering. He is a Professor of Imaging Sciences, and Electrical & Computer Engineering at the University of Rochester, and the inventor of over 80 issued patents for medical imaging technology. He has published and presented over 120 scientific papers at conferences and in peer reviewed journals and has accumulated over twenty years of experience in Cone Beam CT and has been awarded over $11 million in research grants from the National Institutes of Health at University of Rochester. As a true visionary in his field, Dr. Ning has positioned Koning Corporation to become the commercial leader in Cone Beam CT Technology while continuing to lead his world renowned scientific team in Cone Beam CT research. Dr. Ning was the recipient of the Inventor of Year 2015 grant prize by The Rochester Intellectual Property Law Association (RIPLA). He holds an American Board of Radiology (ABR) Certificate in Diagnostic Radiologic Physics.

Lutao Ning
Chief Executive Officer & Director

Lutao Ning holds an MBA from INSEAD and graduated magna cum laude from Duke University with a BSE in Biomedical Engineering and a Markets and Management Certificate. As a core member of the technology, media and telecom practice area of Boston Consulting Group, he has led case teams for major technology, medical device, and pharmaceutical clients in topics ranging from product development, organizational design, and corporate development. In 2013, he led the effort for the Board of Directors of Dell in the, then, largest take-private transaction in history. Lutao has worked as an advisor to Koning in business strategies since its inception. His contributions formed the basis of the operations plan and financial forecast. He is now the CEO of Koning US and COO of Koning Global, where he is in charge of business operations, financing, human resources, government relations and regulatory approval.

David Georges
US President

David Georges has been a global business leader in Breast Imaging for the past twenty-five years, contributing to the introduction and substantial market growth of innovative products dedicated to the early detection of breast cancer including mammography, breast biopsy, computer aided detection, breast ultrasound and automated breast ultrasound. David has established manufacturing sites, supported luminary sites for new product introduction, and established physician and technologist training centers. He has held senior executive positions in companies such as Transworld, Lorad, Hologic, R2, SuperSonic Imagine, iVu and U-systems; the latter of which was purchased by GE. Since joining Koning, David has led the effort to move the company from a Research and Development group to one that is prepared for commercializing Koning’s KBCT. David’s industry relationships have introduced opportunities to establish critically important luminary partners. With a knowledge of global distribution, David has expanded the Koning installation base to Thailand, Qatar, and Netherlands.

Matthew Stack
Chief Financial Officer

Matthew Stack is the Chief Financial Officer at Koning Corporation. Matt’s prior experiences include managing acquisitions for a $120M corporate-led technology buyout fund in Palo Alto, as well as spending six years at The Boston Consulting Group in the Boston and New York offices, where he worked on projects in the Health Care, IT, Retail, Industrial Goods, and Strategy practice areas. Before BCG, Matt co-founded and invested in a healthcare software startup, a small electronics company, an advanced composites design firm, and a semiconductor distribution company that traded high performance semiconductor chips between Shenzhen, Tokyo, and Tecate. Matt has also served as the Director of Computational Science at Mars Corporation. Matt holds a B.S.E. in electrical engineering from Princeton University. He is a benefactor and sponsor of the TEDx conference series, and has sponsored research at the Santa Fe Institute in New Mexico, the Strategy Institute in New York, MIT’s Broad Institute, the Highlands Forum, the University of Oxford, and the Department of Defense.

Dr. Roger Zhang
Director of Clinical Affairs

Dr. Roger (Xiaohua) Zhang graduated from University of Rochester with a PhD of Electric and Computer Engineering. Dr. Zhang has more than 15 years of experience in Koning Breast CT technology and breast imaging modalities. As the Imaging Scientist and Director of Clinical Affairs of Koning Corporation, Dr. Zhang took part in the design and evaluation of Koning’s products and hardware/software features. Throughout his time at Koning, Dr. Zhang has led many projects on Koning Breast CT clinical evaluation and has worked closely with clinical experts in clinical studies to evaluate the safety and efficacy of Koning products in a clinical application environment.

Naomi Cosman
VP of Marketing

Naomi Cosman is the Vice President of Marketing for Koning and was brought onto the Koning team to implement and direct a clear marketing strategy. She oversees all marketing initiatives including PR, social, creative, website, campaign creation and implementation, and more. After graduating from the University of Wisconsin-Madison early with a double major (Communications and French), Naomi received a Certificate of Integrated Marketing from NYU and a Certificate of Business from Harvard Business School. Naomi spent five years in a Fortune 500 company focusing on branding, brand alignment across teams, and campaign launches. She spent another five years working with various startups across multiple sectors, which ultimately led her to Koning Health. Naomi works with the rest of Koning’s leadership to build on previous marketing work. She brings a unique perspective to the company with the goal of increasing Koning’s overall brand awareness, public outreach and communications - all in a way worthy of a revolutionary women’s healthcare company.

Shawn Liu
Director of R&D

Mr. Liu earned his MS degree in Software Engineering from Tsinghua University and MS degree in Electrical & Computer Engineering from University of Rochester. He has nearly 20 years’ experience of software and hardware design, development and management, including distributed information systems, compute-intensive applications and real-time control systems. He also has nearly 15 years of extensive experience in medical system development, image analysis and processing, accurate 3D reconstruction and rendering, and computer-aided detection/diagnosis based on big data and deep learning. He has participated in a number of government grants related to cone beam CT research worldwide, and holds several patents. He joined the Cone Beam CT research lab at University of Rochester Medical Center in 2005 and has been involved in cone beam CT system integration and image research. He joined Koning in 2008 and has been spearheading the work for the system design and control, image acquisition and processing, system integration and other R&D works of Koning Breast CT and its successors. He also participated in the leadership of the quality management, clinical trials and regulatory approvals in various regions over the world. He has a wealth of knowledge and experience for product development and team leadership

Ty Cowart
Senior Director of Global Regulatory Affairs and QA

Mr. Cowart brings over 35 years of experience bringing novel medical technologies to market through the regulatory process of FDA, BSI, TUV, TGA, EU, as well as CFDA and Japan ministry of health. Mr. Cowart has led 15 successful PMA processes, and dozens of PMA supplements, 510 Ks and related approvals. Most recently, Mr. Cowart was the Senior Director of Regulatory of Cardio Mems, a class III invasive surgical implant, achieving a PMA approval in record time. Mr. Cowart will be responsible for ensuring QA compliance is followed and the regulatory approvals and supplements for the KBCT systems are achieved in the most expedient and efficient manner. Mr. Cowart is a graduate of the University of Georgia with MPA and MBAs from Georgia Southern and a JD from Woodrow Wilson College of Law.

Kathy Byrnes
Clinical Specialist

Clinical applications specialist for an elite group of 16 individuals in a start-up, first-of-its-kind medical imaging device company. Supervise and manage first US install of unit, integration of imaging software and training radiologists and techs in utilization and applications of Breast CT scanner. Currently registered and licensed as radiologic technologist. Extensive knowledge of medical procedures and protocols in hospitals as well as clinical settings.

Show 5 more people
Dr. Baozhong Wang
Director

Mr. Baozhong Wang is currently the Chairman of Beijing Dingxin Lianrui Investment Co., Ltd. Mr. Wang Baozhong has served as the director of Zhonghengxin CPA Accounting Firm, the deputy general manager of China Beijing International Economic Cooperation Corporation, the chairman of Beijing Guoyuan Investment Consulting Co., Ltd., and the independent director of Zhongguancun Science and Technology Development Co., Ltd. (a listed company). With a deep professional background in accounting, finance, business administration, etc., he has held leadership positions in various types of enterprises, presided over and implemented a number of investments, mergers and acquisitions and restructuring projects. He has a deep understanding of enterprises, and has rich practical experience in investment management, enterprise restructuring, listing, and mergers and acquisitions. Mr. Wang holds a Master of Accountancy from Northeastern University in Finance and Economics, a Ph.D. in Finance from Renmin University, and an MBA from Roosevelt University (USA). In addition, Mr. Wang Baozhong is a certified public accountant and certified asset appraiser.

Dr. Changhua Qiu
Director

Experienced Professional with a demonstrated history of substantial value-add for clients in the financial services industry. Skilled in Investment Management, Equity Research, Start-ups, Corporate Finance, and Scientific Research. Strong education background with a MBA focused in Finance and a Ph.D in Applied Physics.

Dr. Rajesh Garg
Director

Dr. Garg is a strategic, inspirational, values-based health care leader with a proven P&L track record. He is deeply experienced across multiple segments of health care including biopharma, providers/payors, medical device, and ancillary service companies. He builds exceptional aligned senior teams with commitment to delivering tangible results. His global experience spans North America, Europe and Asia and substantive expertise covers the corporate value chain as well as a broad range of C-suite topics.

Lee Fan
Director

Lee Fan is a cross functional tech executive with over sixteen years of finance and venture capital experience on Wall Street and in Silicon Valley. She brings a unique blend of financial expertise, strategic advisory, and operational skills to tech, crypto, and investing. Lee holds a B.S. degree in Economics from Duke University (2006) with minors in Biology and Japanese, and an MBA from Wharton at the University of Pennsylvania (2011). From 2006 to 2017, Lee had a decade long career in investment banking at Morgan Stanley, Evercore Partners, and Bank of America Merrill Lynch, advising her clients on strategic capital market and M&A opportunities. She has worked on dozens of IPOs, Follow-On Offerings, and M&As across healthcare, consumer retail, and internet industries. After her successful career in investment banking, Lee served as Senior Vice President at ZZ Ventures, where she led the investing effort in disruptive technology companies with a primary focus on consumer internet and fintech startups. Lee was the first Chief Financial Officer at GrubMarket from 2018 to 2020. She also works with the SPAC sponsor Trepont Acquisition Corp. Lee is currently the Chief Strategy Officer of BitMart, a top tier digital assets trading platform and exchange. Additionally, Lee serves on Board of Directors and Advisory Board for tech startups and VC funds.

Lianghai Bing
Director

Mr. Hai Bing Liang, Chinese citizen, is appointed as Executive Director at China Venture Capital Association, Vice Director at Shanxi Venture Capital Association, and Vice President at Shanxi Credit Association. He is a legally qualified lawyer, and has obtained Bachelor of Law from Northwest University of Politics and Law, Master of Economics from Xi’an Jiao Tong University, EMBA from Cheung Kong Graduate School of Business, and Doctor of Business Administration from Xi’an Jiao Tong University. He has 17 years of work experience in financial investment and organizational management. With his rich experiences in the field of scientific and technological innovation and venture capital investment, he has provided investment and management services for hundreds of institutions.

Names and titles as disclosed on SEC Form C, StartEngine. Bios and photos come from the platform campaign page and may be out of date.

Reg CF annual-report compliance

Not requiredFiled Form C-TR (terminated reporting)

Filed 3 of 5 annual reports (FY2021–FY2025)

2,489 investors
holder-count proxy

Reg CF issuers must file a Form C-AR each year until a Rule 202(b) termination trigger is met.

  • Form C-TRApr 29, 20240001174199-24-000002
    EDGAR
  • Form C-ARApr 26, 20240001174199-24-000001
    EDGAR
  • Form C-ARApr 27, 20230001665160-23-000893
    EDGAR
  • Form C-UJan 3, 20230001665160-23-000007
    EDGAR
  • Form C/AOct 27, 20220001665160-22-002817
    EDGAR
  • Form CAug 1, 20220001665160-22-002136
    EDGAR
  • Form C/AAug 1, 20220001665160-22-002139
    EDGAR
  • Form C-ARApr 29, 20220001837613-22-000003
    EDGAR
Source: ManualCIK 0001174199DEShare price $5.69

About this data. Figures are compiled from public sources — SEC EDGAR filings (Form C, C-AR, 1-A, 1-K) and funding-platform pages — and may be delayed, incomplete, or restated by the issuer. Financial statements are as reported by the issuer; each year is labeled with its assurance level (audited / reviewed / unaudited). A valuation cap is the conversion ceiling of a SAFE or convertible note, not an agreed company valuation; post-money figures are computed as pre-money plus amount raised and are not a traded price. Crowdonomics is not a broker-dealer, funding portal, or investment adviser; nothing here is investment advice or an offer to sell securities. Verify all figures against the linked EDGAR filings.