Exo, a US-based ultrasound imaging system developer backed by corporates Applied Materials, GlaxoSmithKline, Intel, OSF HealthCare, Sony, TDK and Wanxiang, has secured $220m in a series C round.
RA Capital Management led the round, which also included contributions from BlackRock, Sands Capital, Avidity Partners and Pura Vida Investments, alongside unnamed existing investors.
Founded in 2015, Exo has developed a medical ultrasound device which uses nano-materials, artificial intelligence, sensor technologies, advanced signal processing and computation to deliver high image fidelity, quality, definition and depth at an affordable cost.
Its device fits in the palm of a hand and can be used in medical environments as well as by patients at home to provide real-time insights and monitoring.
Exo’s ultrasound device works alongside Exo Works, a workflow software platform able to view exams, document findings, collect data and send electronic medical records.
The company intends to use the funding to accelerate the commercialisation of its handheld ultrasound device and point-of-care workflow platform.
This latest round brought Exo’s overall funding to $320m, it said. The company secured $40m in an August 2020 series B round co-led by pharmaceutical firm GlaxoSmithKline’s bioelectronics fund, Action Potential Venture Capital, and hedge fund Magnetar Capital’s affiliates Fiscus Ventures and Reimagined Ventures.
The round featured TDK Ventures, Intel Capital and Applied Ventures, respective corporate venturing arms of electronics manufacturer TDK and semiconductor technology providers Intel and Applied Materials, as well as venture capital firm Solasta Ventures.
Exo had raised $35m in a series B round led by Intel Capital in August 2019. The round featured OSF Ventures, the corporate venturing arm of healthcare provider OSF HealthCare, consumer electronics producer Sony’s Innovation Fund, Wanxiang Healthcare Investments, an investment vehicle of automotive component maker Wanxiang, and Applied Ventures.
They were joined by Magnetar Capital, Bold Capital, Creative Ventures, Longevity Vision Fund, Nautilus Venture Partners and Rising Tide Fund.
The series B round came after Exo collected $6m in funding in April 2017 and further $6.5m six months later, according to regulatory filings.