The company's advanced diagnostic system uses a patented magnetic probe and iron magnetic nanoparticle technology to improve the detection of cancer metastases. Ferronova has research collaborations with several universities and is backed by multiple investors, including Uniseed and Powerhouse Ventures. The South Australian and Australian governments have also provided grant funding for the technology's development. The company's device, composed of iron and iron oxide nanoparticles, is used for the treatment and identification of various cancers, including head, neck, breast, and melanoma. It utilizes a tracer system and ultra-sensitive magnetometer to aid in lymph node identification, enabling earlier diagnosis and treatment of cancer patients.