- Exo Imaging — a company pioneering a high-performance ultrasound platform — announced it raised $35 million in Series B funding
Exo Imaging — a company pioneering a high-performance ultrasound platform based on patented Piezoelectric Micromachined Ultrasonic Transducers (pMUT) technology and artificial intelligence (AI) for imaging and therapeutic applications — recently announced it raised $35 million in Series B led by Intel Capital. Including this round, Exo Imaging has raised nearly $50 million since the company was founded in 2015.
Some of Exo’s other investors include 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.
Exo is essentially bringing diagnostic-grade medical imaging to the pocket of every caregiver and clinician worldwide. And the company is developing an affordable medical ultrasound platform capable of exceptional image fidelity, penetration depth, and 3D imaging that still fits in the palm of your hand.
“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,” said Exo president and CEO Sandeep Akkaraju in a statement.
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 dramatically reduce the cost of imaging.
“Our goal is to enable every medical practitioner in the world with affordable and easy to use tools that make imaging accessible,” added Akkaraju. “Our Series B financing will enable us to advance our products through the FDA 510K clearance process and into commercialization. Exo will also use the proceeds to build out its team of engineering, sales, and operations professionals.”
Akkaraju (CEO), Janusz Bryzek, Ph.D. (executive chairman and chief visionary officer), Yusuf Haque, Ph.D. (CTO and SVP of engineering), and John Kokulis (CFO) have nearly 20 startups among them along with several large exits.
“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,” explained Intel VP and Senior Managing Director of Intel Capital.
Intel Capital Investment Director Eric King led the investment and sits on Exo’s board.