Exo will use the funding to commercialise its handheld ultrasound device and workflow platform Exo Works for medical care
Exo raises $220m in Series C funding round. (Credit: Exo Imaging, Inc.)
Exo Imaging has received $220m in a Series C funding round led by RA Capital Management and participation by BlackRock, Sands Capital, Avidity Partners and Pura Vida Investments.
Exo intends to use the funding to commercialise its handheld ultrasound device and intuitive point-of-care ultrasound workflow solution, dubbed Exo Works.
The Series C funding follows a $40m Series B+ funding round closed in August last year and brings the company’s total funding to more than $320m.
Exo CEO Sandeep Akkaraju said: “Exo’s hardware and software were designed in tandem, with the future of decentralised 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.”
Exo specialises in ultrasound silicon technology, which forms the base of its handheld ultrasound device and point-of-care ultrasound workflow solution Exo Works.
Its ultrasound device is designed to be simple and intuitive to operate, for use in emergency departments, rural clinics or across multiple departments in a community hospital.
The device leverages AI, new materials, and new processes to generate superior image quality, definition and depth at an affordable cost, said Exo.
The company intends to distribute the device once regulatory approvals are obtained.
Its ultrasound workflow Exo Works is said to solve the workflow issues by streamlining exam review, documentation and billing in one platform, all within 60 seconds.
The software is designed to work with most of the POC ultrasound devices and securely connects to the EMR and PACS systems in hospitals for imaging and communication.
Exo said that the combination of its handheld ultrasound device and Exo Works will unlock various real-world applications of the technology across a wide swath of medical care.
Exo clinical education senior director Arun Nagdev said: “Handheld ultrasound is changing how medical care is delivered, which has already been proven by its use during the Covid-19 pandemic when it was difficult to bring cart-based systems into triage areas.
“Emergency medicine will become so much more precise, swift, patient-focused and outcome-oriented as physicians are educated and empowered by intuitive handheld ultrasound devices that are at the ready for everything from traumatic injury diagnosis to nerve-block procedures.”