Exo, a developer of brand-new diagnostic hardware for the medical industry, has actually raised $40 million in a brand-new round of funding as investors continue to back new companies that are reducing the cost and intricacy of medical gadgets. Cost, mobility, image quality and the inability to image dense body structures have all restricted the impact that diagnostic tools like ultrasounds can have on client care around the world, according to a declaration from the business. Exo fixes that issue by constructing on a trademarked piezoelectric micromachined ultrasound transducer, the business said.
Its device enhances image quality, while an accompanying software application toolkit improves the diagnostic capabilities of the gadget.
Exo anticipates that the worldwide point of care ultrasound market will reach $1.5 billion in 2024 and grow at almost 10% a year.
“Emergency room phyisicians worldwide are typically charged with resolving a few of the most urgent health care issues– COVID-19 medical diagnosis and problems, cardiac emergencies, internal bleeding– without being able to see clearly into a client they only have minutes to treat and detect,” said Exo president Sandeep Akkaraju, in a declaration.
The new $40 million round to back the company’s innovation follows a $35 million financial investment in 2019 and brings the company’s total capital raised to almost $100 million, according to a statement. The financing was led by Fiscus Ventures, Reimagined Ventures( both affiliates of Magnetar Capital) and Action Potential Ventures, with additional participation from TDK Ventures, Solasta Ventures and all previous investors, including Intel Capital and Applied Ventures.
Exo’s group originates from consumer tech giants like Apple and Google and leading medical device companies like GE, Johnson & & Johnson, Maxim, Medtronic and Siemens.
“As both an emergency clinic physician and an investor, I understand firsthand the transformative capacity of the items that Exo is bringing to market,” said Dr. Ted Koutouzis of Fiscus and Reimagined Ventures, in a statement.”The Exo team is concentrated on building a gadget that works flawlessly within the often chaotic and immediate environment of a health center, and delivers the image quality, clean interface, and diagnostic tools that medical professionals have actually dreamed about having in the palm of our hands.”The Exo hardware comes with a suite of software application tools
that have actually been developed to integrate with existing workflows. And the company has plans to use its preliminary venture into medical imaging as a method to land and broaden into a wider suite of tools for the healthcare facility or urgent care environment. The company envisions a multi-functional gadget that can carry out a number of various medical diagnoses.”Exo is producing a platform technology that can drive real adoption of
point of care imaging in emergency rooms and important care units, can assist in advanced surgical robotics and endoscopic procedures, and might allow healing modalities in non-invasive neuromodulation and drug-delivery, “said Juan Pablo Mas, of Action Potential Venture Capital(the corporate endeavor arm of GlaxoSmithKline focused on bioelectronic innovations). Article curated by RJ Shara from Source. RJ Shara is a Bay Area Radio Host (Radio Jockey) who talks about the startup ecosystem – entrepreneurs, investments, policies and more on her show The Silicon Dreams. The show streams on Radio Zindagi 1170AM on Mondays from 3.30 PM to 4 PM.