Exo, a manufacturer of advanced imaging equipment for the medical industry, has raised $40 million in a recent investment round as investors seek to help emerging ventures that minimize medical devices’ costs and complexities.
Price, portability, image clarity, and the failure to visualize complex structures of the body have all reduced the effect that medical instruments such as ultrasounds may have on health care around the world, according to a company release.
Exo solves this problem, the company said, by drawing on a proprietary piezoelectric micromachined ultrasound transducer.
The app increases image consistency and an associated tech toolkit improves the camera’s monitoring capability.
“Emergency room doctors around the world are frequently faced with addressing some of the most severe healthcare issues — treatment and symptoms of COVID-19, heart crises, internal bleeding — without being able to see clearly in a patient who they only have minutes to identify and treat,” Exo Chief Executive Sandeep Akkaraju said in a statement.
According to a tweet, the latest $40 million round to shore up the company’s innovations follows a $35 million round in 2019 and takes the overall money raised to about $100 million. Fiscus Ventures, Reimagined Ventures (both Magnetar Capital affiliates), and Action Potential Ventures led the funding, with additional involvement from TDK Ventures, Solasta Ventures, and other prior partners including Intel Capital and Applied Ventures.
“As an emergency department doctor as well as a venture capitalist, I know first hand the disruptive value of the goods that Exo is bringing to market,” Dr. Ted Koutouzis of Fiscus and Reimagined Ventures said in a statement. “The Exo team is focused on creating a system that operates smoothly inside a hospital’s frequently messy and urgent environment, and provides the image quality, tidy interface, and diagnostic resources that doctors have dreamed of in our hands.”
The Exo hardware comes with a suite of tech applications designed to fit with current workflows. And the organization has plans to use its initial medical imaging foray as a means to land and grow into a larger range of healthcare equipment or emergency care environment. The business envisages a multifunctional computer capable of conducting multiple diagnoses.
“Exo provides a prototype technology that can accelerate the actual implementation of treatment point imaging in emergency rooms and critical care facilities, promote advanced surgical robotics and endoscopic procedures, and allow non-invasive neuromodulation and drug delivery therapeutic modalities,” said Juan Pablo Mas of Action Potential Venture Capital (GlaxoSmithKline’s corporate investment arm).
Exo’s management ranges from global tech firms like Apple and Facebook to pioneering businesses in medical equipment like IBM, Johnson & Johnson, Panasonic, Medtronic to Siemens.