San Francisco based MedTech startup Exo raises USD 40M in series B funding 

San Francisco based MedTech start-up, Exo which develops new diagnostics hardware for the medical industry announced on 20^th August 2020, that it has secured USD 40M in series B funding round as investors are backing the start-ups which reduce cost and complexity of medical devices.

The round was led by Reimagined Ventures, Fiscus Ventures and Action Ventures. Other investors include Solasta Ventures, TDK Ventures and all previous investors including Applied Ventures and Intel Capital.

Dr. Ted Koutouzis from Fiscus and Reimagined Ventures, commented, “As both an emergency room phyisician and a venture capitalist, I know firsthand the transformative potential of the products that Exo is bringing to market. 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.”

Previously the company raised USD 35M in the year 2019. So far the company has raised around USD 87.6M including the latest funding.

According to the company they resolve the problems in medical Industry by building on a patented piezoelectric micro machined ultrasound transducer. Their built devices enhances the image quality while an accompanying software toolkit boosts the diagnostic capabilities of the device.

Cost, portability, image quality and the inability to image dense body compositions have all limited the impact that diagnostic tools like ultrasounds can have on patient care around the world, according to a statement from the company.

Exo‘s team consist of techies from tech giants Google, Apple and emerging medical device companies such as Medtronic, Maxim, Johnson & Johnson, Siemens and GE.

Exo estimated that the global point of care ultrasound market will reach USD 1.5 Billion by 2024 and grow at around 10% per year.

Founder and CEO of Exo, Mr. Sandeep Akkaraju, explained, “Emergency room physicians around the world are often tasked with solving some of the most urgent healthcare problems — COVID-19 diagnosis and complications, cardiac emergencies, internal bleeding — without being able to see clearly into a patient, they only have minutes to diagnose and treat.”

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