Exo announced today that it closed a $40 million Series B+ funding round for the development of its handheld medical imaging system.
Redwood City, Calif.-based Exo’s handheld ultrasound device is designed to use patented piezoelectric micromachined ultrasound transducer (pMUT) technology to offer high-quality images, intuitive software and powerful diagnostic capabilities in the pocket of caregivers and clinicians all over.
The company said in a news release that it will use the $40 million collected in the round to bring its data and workflow apps to market while finishing product development on its handheld ultrasound device. Along with a $35 million Series B round in August 2019 and other funding, the company has raised nearly $100 million.
Fiscus and Reimagined Ventures and Action Potential Venture Capital led the investment round, while TDK Ventures and Solasta Ventures participated, joining a list of previous investors that includes Intel Capital, Applied Ventures, Bold Capital, Creative Ventures, Longevity Vision Fund, Nautilus Venture Partners, OSF Healthcare, Rising Tide Fund, Innovation Growth Ventures, and Wanxiang Healthcare Investments.
“Emergency room physicians around the world are often tasked with solving some of the most urgent healthcare problems — COVID-19 diagnosis and complications, cardiac emergencies, internal bleeding — without being able to see clearly into a patient they only have minutes to diagnose and treat,” Exo CEO Sandeep Akkaraju said in the release. “Exo plans to give these critical frontline heroes the device they need — one that immediately opens up a window into every body and enables them to make speedy, accurate and often life-saving medical decisions on the spot.”