Exo Imaging last week burst out of stealth mode with a $35 million Series B round for the handheld ultrasound device it’s developing.
Intel Capital led the round for Redwood City, Calif-based Exo, joined by Applied Ventures, Bold Capital, Creative Ventures, Longevity Vision Fund, Magnetar Capital, Nautilus Venture Partners, OSF Healthcare, Rising Tide Fund, Sony Innovation Fund and Wanxiang Healthcare Investments.
“For too long, medical imaging products have been expensive, cumbersome to use and have catered to a small segment of users. Our mission is to fundamentally change the economics, usability and accessibility of high-quality medical imaging and therapeutic tools,” co-founder, president & CEO Sandeep Akkaraju said in prepared remarks. “Our goal is to enable every medical practitioner in the world with affordable and easy to use tools that make imaging accessible. Our Series B financing will enable us to advance our products through the FDA 510(k) clearance process and into commercialization. Exo will also use the proceeds to build out its team of engineering, sales and operations professionals.”
“The team at Exo is solving multiple challenges, ranging from fundamental material science to AI, while scaling from low-cost handheld imaging to the highest end equipment. We share their enthusiasm for bringing medical imaging and AI to a much broader audience,” added Intel Capital senior managing director Dave Flanagan.