US-based Exo, a pioneering health information and devices company, raised US$ 220 million in a Series C investment round on 29 July 2021.
Investors: The funding round was led by RA Capital Management with participation from BlackRock, Sands Capital, Avidity Partners and Pura Vida Investments.
Purpose of the funding: The funds raised will be used by the company for the commercialization of its handheld ultrasound device and its intuitive point-of-care ultrasound workflow solution, Exo Works.
Founded in 2015 by Janusz Bryzek, John Kokulis, Sandeep Akkaraju and Yusuf Haque, Exo is a medical device startup handheld ultrasound platform and AI for imaging and therapeutic applications. It delivers affordable and easy-to-use medical imaging to healthcare professionals. Exo aims to empower healthcare professionals to make critical, real-time decisions that improve patient outcomes. Exo’s ultrasound platform combines advances in nano-materials, novel sensor technologies, advanced signal processing and computation with the economies of scale of semiconductor manufacturing to reduce the cost of imaging.
The Exo ultrasound device has been developed by a team of nanotechnologists, chip designers, consumer electronics and medical device experts, and is waiting for regulatory approvals to use radically new materials, processes and AI to generate unrivalled image quality at an affordable cost.
Exo’s proprietary point-of-care ultrasound workflow solution is called the Exo Works. It solves workflow issues by streamlining exam review, documentation and billing in one platform in under 60 seconds. The software works with the point-of-care ultrasound devices and securely connects to the most common EMR and PACS systems in hospitals to house imaging and communications.
Exo believes that the decentralization of complex and cumbersome healthcare processes will lead to a new era of medical care. This will increase efficiency with the help of powerful mobile technology in the hands of physicians.
What the CEO has to say: “Exo’s hardware and software were designed in tandem, with the future of decentralized healthcare at the forefront of every decision. Our vision is a healthcare system unconstrained by the four walls of a hospital and engineered for a world where providers can see clearly into every patient immediately.” — Sandeep Akkaraju, Exo CEO.
What the investors have to say: Exo has developed a transformative point-of-care ultrasound solution. Their best-in-class imaging coupled with a simple and intuitive workflow will make them a leader in this exciting field. We have been thoroughly impressed by the strong and growing team at Exo. We are excited to work alongside them as they rapidly expand access to this powerful technology.” — Zach Scheiner, principal, RA Capital Management.
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