Ultrasound specialists raise $220M to commercialize imaging, workflow solutions
Exo, a California-based healthcare technology company, has announced the completion of a $220 million Series C financing round. The new funds are expected to go toward commercializing the company’s AI-powered handheld ultrasound systems and point-of-care ultrasound workflow solution, Exo Works.
The handheld solutions and Exo Works are designed to work as one, the company said in a statement. Regulatory approvals are still being obtained.
“Exo’s hardware and software were designed in tandem, with the future of decentralized healthcare at the forefront of every decision,” Exo CEO Sandeep Akkaraju said. “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.”
“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,” added Arun Nagdev, MD, director of emergency ultrasound at Highland General Hospital and Exo’s senior director of clinical education. “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.”
RA Capital Management led the funding round, with BlackRock, Sands Capital, Avidity Partners, Pura Vida Investments and a variety of prior investors also participating.
“We have been thoroughly impressed by the strong and growing team at Exo,” Zach Scheiner, principal with RA Capital Management, said in the same statement. “We are excited to work alongside them as they rapidly expand access to this powerful technology.”
Michael has more than 18 years of experience as a professional writer and editor. He has written at length about cardiology, radiology, artificial intelligence and other key healthcare topics.