US-based medical imaging system developer Exo has raised $40m in a series B-plus round co-led by pharmaceutical firm GlaxoSmithKline’s bioelectronics fund, Action Potential Venture Capital, Crunchbase News has reported.
Hedge fund Magnetar Capital co-led the round through affiliates Fiscus Ventures and Reimagined Ventures. It included TDK Ventures, Intel Capital and Applied Ventures, on behalf of electronics manufacturer TDK and semiconductor technology producers Intel and Applied Materials, as well as Solasta Ventures.
Founded in 2015, Exo has created an ultrasound imaging device equipped with signal processing and transducer technology that is designed to be able to produce high-quality images across a patient’s entire body rather than just individual parts.
The company plans to release a workflow software platform by the end of 2020 before launching its ultrasound system early next year, according to Crunchbase News. It will channel the series B-plus proceeds into research and development.
The latest funding follows on from a $35m series B round announced when Exo emerged from stealth in August 2019. Intel Capital led that round, which included Applied Ventures and Magnetar Capital.
Wanxiang Healthcare Investments, an investment vehicle backed by automotive component maker Wanxiang, was also named as a backer, as were care provider OSF HealthCare, electronics producer Sony’s Innovation Fund, Bold Capital, Creative Ventures, Longevity Vision Fund, Nautilus Venture Partners and Rising Tide Fund.
The series B funding came after Exo received $6m in equity funding in April 2017 and a further $6.5m six months later, according to regulatory filings.
Image courtesy of Exo Imaging.
