Exo Bagged in $40 Million for its New Medical Imaging Device
Exo, a developer of new diagnostic devices for the medical industry, has managed to raise $40 million in a new round of funding. Investors are continuing to support new companies that are cutting the cost and complexity of medical devices.
The company explains that cost, portability, image quality, and the inability to image dense body compositions have all curbed the impact of effective diagnosis. Tools such as ultrasounds have been affecting patient care due to these reasons, all around the world.
Exo is solving this problem by making a patented piezoelectric micromachined ultrasound transducer, the company said.
Its device exponentially improves image quality, while an accompanying software toolkit amplifies the diagnostic capabilities of the device. Exo predicts that the worldwide point of care ultrasound market is anticipated to reach $1.5 billion in 2024 growing at nearly 10 percent a year.
Exo chief executive Sandeep Akkaraju explained that physicians in the emergency room are often tasked with solving some of the most urgent healthcare problems. These problems include COVID-19 diagnosis and complications, cardiac emergencies, and internal bleeding. Without being able to see clearly into a patient they only have minutes to diagnose and treat, which makes it very difficult.
The latest $40 million round to support the company’s technology comes after a $35 million investment in 2019. This round has taken the company’s total capital raised to about $100 million, according to a statement. The funding was led by Fiscus Ventures, Reimagined Ventures (both affiliates of Magnetar Capital), and Action Potential Ventures. Additional participants included TDK Ventures, Solasta Ventures, and all previous investors, such as Intel Capital and Applied Ventures.
A Device that Works Seamlessly
Exo’s team comes from consumer tech giants such as Apple and Google. Leading medical device companies such as GE, Johnson & Johnson, Maxim, Medtronic, and Siemens are also on the list.
“As both an emergency room physician and a venture capitalist, I know firsthand the transformative potential of the products that Exo is bringing to market,” said Dr. Ted Koutouzis of Fiscus and Reimagined Ventures, in a statement. “The Exo team is focused on a building a device that works seamlessly within the often chaotic and urgent environment of a hospital, and delivers the image quality, clean interface, and diagnostic tools that doctors have dreamed about having in the palm of our hands.”
The Exo hardware is integrated with a suite of software tools that have been engineered to combine with existing workflows. The company has plans to utilize its initial foray into medical imaging as a method to land and expand into a wider suite of tools for the hospital or urgent care environment. The company has a vision of a multi-functional device that can perform various diagnoses.
“Exo is creating a platform technology that can drive true adoption of point of care imaging in emergency rooms and critical care units, can facilitate advanced surgical robotics and endoscopic procedures, and could enable therapeutic modalities in non-invasive neuromodulation and drug-delivery,” said Juan Pablo Mas, of Action Potential Venture Capital (the corporate venture arm of GlaxoSmithKline focused on bioelectronic technologies).