Exo Imaging, a high-performance ultrasound platform provider, has secured a $35m (£28m) in Series B financing round led by Intel Capital, a division of Intel Corporation.

Along with Intel Capital, other investors including Applied Ventures, Bold Capital, Creative Ventures, Longevity Vision Fund, Magnetar Capital, Nautilus Venture Partners, OSF Healthcare, Rising Tide Fund, Sony Innovation Fund, and Wanxiang Healthcare Investments have also taken part in Series B.

Intel Corp vice president and Intel Capital senior managing director Dave Flanagan said: “The team at Exo is solving multiple challenges, ranging from fundamental material science to AI, while scaling from low-cost handheld imaging to the highest end equipment. We share their enthusiasm for bringing medical imaging and AI to a much broader audience.”

Exo Imaging raises $50m (£41m) funding till date

Founded in 2015, Exo Imaging is engaged in the manufacture of ultrasound devices based on patented Piezoelectric Micromachined Ultrasonic Transducers (pMUT) technology and artificial intelligence (AI) for imaging and therapeutic applications.

To date, the company has raised a total of $50m (£41m) to bring its diagnostic-grade medical imaging to the pocket of caregivers and clinicians.

The company’s affordable medical ultrasound platform is capable of providing enhanced image fidelity, penetration depth and 3D imaging that still fits in the palm of your hand.

Exo CEO and president Sandeep Akkaraju said: “For too long, medical imaging products have been expensive, cumbersome to use and have catered to a small segment of users. Our mission is to fundamentally change the economics, usability and accessibility of high-quality medical imaging and therapeutic tools. Our goal is to enable every medical practitioner in the world with affordable and easy to use tools that make imaging accessible.

The Exo ultrasound platform combines advanced computation, nano-materials, novel sensor, and signal processing technologies with the economies of scale of semiconductor manufacturing to reduce the cost of imaging.

The company said that the Series B financing is expected to help its products securing the FDA 510K clearance and commercialisation.

It intends to use the proceeds of the financing to strengthen its team of engineering, sales, and operations professionals.