Promaxo, Inc., said today that it closed a $3.5 million Series A round to fund its clinical validation and regulatory efforts for the company’s office-based, high-resolution MRI.
MicroPort Scientific led the round and in connection with its investment, MicroPort was given exclusive manufacturing and distribution rights for Promaxo’s MRI tech in China.
The company has designed a suite of prostate cancer disease management solutions to change the screening, diagnosis and treatment process for the disease.
“We are thrilled to have MicroPort on board as a strategic investor and partner,” president & CEO Amit Vohra said in prepared remarks.
“The partnership will allow us to leverage MicroPort’s brand, talents, and global footprint to scale Promaxo’s MRI platform, and bring an office-based MRI to the masses.”
The company also announced today that it added Diego Olego its advisory team, who has previously held roles like chief strategy and innovation officer at Philips Healthcare.
“I am excited to be joining the Promaxo team,” Olego added. “I believe that Promaxo’s mobile innovative MR platform promises broad clinical and workflow impact, especially for prostate cancer patients.”