Samsung invests in ultrasound imaging startup Exo, which has now raised $320M
Samsung has inked a “strategic collaboration” with ultrasound imaging startup Exo, which has already raised over $320 million in funding from some big-name investors.
Bloomberg reported news of the impending partnership Monday, citing anonymous sources involved with the discussions. Founded in 2015, Exo offers a portable ultrasound platform that combines novel silicon-based hardware, “tightly coupled AI,” and “easy-to-use” collaborative software.
The Redwood City, California-based startup has already raised a sizable sum, including a $220 million Series C funding round completed in 2021. Bloomberg said Exo is now eyeing another potential $100 million investment round led by Sands Capital, Bold Capital and Qubit Health Capital.
Following the report, the two companies put out an announcement on Wednesday about their new collaboration. They did not disclose financial terms of the deal but said Samsung is making a “strategic equity investment” in Exo, with the two teaming to co-develop advanced ultrasound solutions.
“Our collaboration with Exo marks a significant step toward advancing transformation in ultrasound imaging,” Kyu Tae Yoo, PhD, MBA, CEO of Samsung Medison, the South Korean electronics giant’s healthcare division, said in a statement May 28. “We are committed to delivering innovation that improves diagnostic capabilities and enhances the clinical experience for patients and practitioners alike.”
Following the partnership, Exo said it is focused on creating high-performance imaging systems that are compact and useful across a variety of care settings. Together, they’ll look to “lay the foundation for future innovation in real-time imaging,” according to the announcement.
In addition, Exo also is adding Omar Ishrak, PhD, with London-based Qubit Health Capital, to its board as chair of strategy. Other previous investors in Exo Imaging have included BlackRock, Intel and Sony, TechCrunch noted in its own report.
“Exo’s technology has the potential to significantly improve diagnostic precision and accessibility,” Ishrak—the former chairman and CEO of Medtronic and previous chief executive of GE HealthCare Systems—said in Wednesday’s announcement. “I look forward to helping guide the clinical strategy and long-term vision behind this important collaboration.”
Samsung Medison is the largest manufacturer of ultrasound diagnostic systems in Korea and handles domestic sales and service of Samsung Electronics’ digital X-ray systems and portable CTs. Last year, the company acquired French ultrasound AI firm Sonio for $92 million.