Oxos Medical announced today that it raised $23 million in a Series A financing round led by Parkway Venture Capital and Intel Capital.
Atlanta-based Oxos said the round brings its total funding to $45 million. It plans to use the funds to accelerate product innovation and expand availability globally.
The company develops what it calls “smart and safe radiation technology.” While traditional radiology solutions have limitations in image quality and high radiation exposure, Oxos devices “change the status quo.” They feature low radiation profiles, sharp images and clarity in the smallest form factor. The company said this makes X-ray more accessible.
Oxos technology combines advanced image processing, computer vision, X-ray detector improvements, easy ergonomics and innovative X-ray tube architecture. Together, this delivers safe devices that significantly reduce radiation exposure.
The company said it developed the only devices on the market capable of providing both static images and live imaging. These can aid in both diagnostic and surgical radiography in any setting. Its devices connect directly to the Oxos cloud platform, allowing physicians to instantly access radiographic studies from anywhere on the device. The cloud technology seamlessly integrates with existing radiology infrastructure, too.
“At OXOS, we have made it our mission to close the growing healthcare divide – the inaccessibility of radiographic technology is impairing patient outcomes in every corner of the globe,” shared Evan Ruff, co-founder and CEO of OXOS. “OXOS’ smart and safe technology addresses the growing needs of orthopedic and radiographic professionals across all care scenarios, expanding access well beyond established sectors. We aim to put safe, powerful, and simple X-ray technology in the hands of urgent care centers, sports teams, home care, and international mission operations, where a real-time diagnosis is critical to saving human lives.”
Leaders of funding join the Oxos board
To help accelerate growth, Oxos said Gregg Hill of Parkway and Eric King of Intel now join its board of directors.
With more than $47 billion spent annually on medical imaging by 2030, Oxos said it feels uniquely positioned to capture a significant portion of a growing market. Its technology overcomes the challenges associated with expensive and complex X-ray technology. Meanwhile, it also addresses the increasing global shortage of radiology resources.
Oxos technology automatically selects appropriate doses, minimizing reshoots and reducing radiation overexposure. With portability and wireless connectivity, Hill called it “the future of radiology across all care scenarios.”
“We are beyond thrilled to be co-leading the Oxos Series A. We believe Oxos will have the same transformational impact on radiology as the iPhone had on mobile computing,” said Hill. “Their unique 3D imaging technology, coupled with computer vision and artificial intelligence, makes Oxos devices easy to use.”
The company also featured in the 2020 MedTech Innovator Accelerator program.