Exo Imaging has raised $35 million to help develop its ultrasound system with the goal of providing physicians a single, handheld probe that can be used for the entire body—from observing the heart and other organs to imaging a person’s vasculature or skeletal features in 3D.
The Redwood City, California-based company’s platform combines nanoscale piezoelectric materials with semiconductor capabilities and includes plans for a layer of artificial intelligence and computational photography algorithms to be used at the point of care.
The latest financing brings its fundraising total to nearly $50 million since its founding in 2015. The series B round was led by Intel Capital, with participation from 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.
“For too long, medical imaging products have been expensive, cumbersome to use and have catered to a small segment of users,” Exo President and CEO Sandeep Akkaraju said in a statement. “Our mission is to fundamentally change the economics, usability and accessibility of high-quality medical imaging and therapeutic tools.”
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“Our series B financing will enable us to advance our products through the FDA 510(k) clearance process and into commercialization,” Akkaraju added. “Exo will also use the proceeds to build out its team of engineering, sales and operations professionals.”
Exo also hopes to partner with companies to bring its platform to a wide range of diagnostic applications, including through catheters, patches and CT scanners, as well as for therapeutic high-intensity focused ultrasound treatments.