OXOS Medical – a medical technology company that is developing simple and safe X-ray solutions – announced a $23 million Series A funding from Parkway Venture Capital and Intel Capital. This funding round brings the company’s total funding to $45 million.
With over $47 billion spent annually on medical imaging by 2030, OXOS is positioned to capture a significant portion of this growing market. And OXOS technology overcomes the significant challenges associated with expensive and complex X-ray technologies while addressing the increasing global shortage of radiology resources.
The demand for radiology services steadily increased since 2013. And nearly half of the radiologists in the U.S. are of retirement age and fewer residents are waiting to fill these soon-to-be-vacant positions – which leaves the 2025 projected shortage in the tens of thousands. This staffing shortage is even more acute among radiation technologists. In the U.K., 97% of radiology departments are unable to meet diagnostic reporting requirements, leaving patients waiting a month or more for their imaging results. Plus OXOS addresses this hospital-driven bottleneck by deploying technology that can be used in diverse environments by users with varying levels of training.
The traditional radiology solutions like as C-Arms – which are the machines used for fluoroscopic imaging during procedures – are well known for their limitations in image quality and high radiation exposure. And with an incredibly low radiation profile, OXOS’ devices provide exceptional image sharpness and clarity in the smallest form factor, making X-ray more accessible.
OXOS combines advanced image processing, computer vision, X-ray detector improvements, easy ergonomics, and sophisticated X-ray tube architecture to deliver safer devices while significantly reducing radiation exposure. And OXOS developed the only devices on the market that can provide both static images (digital radiography) and live imaging (dynamic digital radiography) for both diagnostic and surgical radiography in any setting.
OXOS’ devices are able to connect directly to the OXOS Cloud Platform, enabling physicians to instantly access radiographic studies from anywhere on any device. And the platform redefines expectations for seamless care and delivers improved access and efficiency for patients and providers. The OXOS cloud platform – which is fully HIPAA-compliant – seamlessly integrates with existing radiology infrastructure or can utilize OXOS’ nationwide teleradiology service to provide study interpretation in a fraction of the time.
Launched in 2016 by Dr. Greg Kolovich (a Harvard-trained, board-certified orthopedic surgeon) and serial entrepreneur Evan Ruff, OXOS Medical unveiled its first FDA-approved device called the Micro C in 2022. And the device has won many orthopedic customers, spanning the VA, urgent care facilities, NFL teams, and medical education customers. Under their Cooperative Research and Development Agreement (CRADA) with the VA, the OXOS team works closely with radiologist Dr. Beth Ripley, Deputy Chief, Office of Healthcare Innovation and Learning at the U.S. Department of Veterans Affairs. And Dr. Ripley and OXOS are increasing access to radiographic care by deploying OXOS solutions to multiple care settings for U.S. veterans.
It’s also worth mentioning that the company has supported many medical mission trips to Central America and Africa, including missions with USAID and the Luke Commission with Dr. Vipul Patel and the Helping Hands Charity in Guatemala; and with professor Steven Grindel, MD, Medical College of Wisconsin, for two medical missions to Guatemala.
What the funding will be used for: OXOS will use the funding for driving faster product innovation and expanding availability globally. And OXOS is continuing to build on its traction across outpatient clinics, the military, the Veterans Administration, sports teams, hospitals, imaging centers, bioskills labs, etc. In connection with this funding round, Gregg Hill, Parkway Venture Capital co-founder and managing partner, and Eric King, Intel Capital investment director, will join the OXOS board of directors.
KEY QUOTES:
“At OXOS, we have made it our mission to close the growing healthcare divide – the inaccessibility of radiographic technology is impairing patient outcomes in every corner of the globe. OXOS’ smart and safe technology addresses the growing needs of orthopedic and radiographic professionals across all care scenarios, expanding access well beyond established sectors. We aim to put safe, powerful, and simple X-ray technology in the hands of urgent care centers, sports teams, home care, and international mission operations, where a real-time diagnosis is critical to saving human lives.”
— Evan Ruff, co-founder and CEO of OXOS
“We are beyond thrilled to be co-leading the OXOS Series A. We believe OXOS will have the same transformational impact on radiology as the iPhone had on mobile computing. Their unique 3D imaging technology, coupled with Computer Vision and Artificial Intelligence, makes OXOS devices easy to use. OXOS automatically selects appropriate doses, minimizing reshoots and reducing radiation overexposure. Combined with its maximum portability and wireless connectivity, OXOS is the future of radiology across all care scenarios.”
— Gregg Hill, Parkway Venture Capital managing partner
“Intel Capital is excited to support OXOS. By combining OXOS’ advanced technology stack with Intel’s worldwide manufacturing and engineering expertise, OXOS can accelerate innovation in X-ray imaging and radiographic diagnostics.”
— Arun Chetty, Managing Director, Intel Capital
“VA Ventures is invested in exploring how we can move care outside of the hospital walls. Our goal is to shift care from urban centers to VA’s 1,074 community-based outpatient centers (CBOCs), providing the soonest and best care to Veterans. OXOS and the VA are testing the feasibility of providing radiologic diagnostics at the point of care. We are excited to continue down this pathway as the next step in the evolution of care delivery here in VHA.”
— Dr. Ripley
