US-based medical imaging technology developer Exo Imaging emerged from stealth yesterday with a $35m series B round led by Intel Capital, the corporate venturing subsidiary of semiconductor producer Intel.
The company did not specify the participants in the series B round, but said its investors include healthcare provider OSF HealthCare, consumer electronics producer Sony’s Innovation Fund and Applied Ventures, the corporate venturing vehicle semiconductor equipment manufacturer Applied Materials.
The investor list was filled out by Wanxiang Healthcare Investments, the healthcare-focused venture fund backed by automotive component manufacturer Wanxiang, in addition to Bold Capital, Creative Ventures, Longevity Vision Fund, Magnetar Capital, Nautilus Venture Partners and Rising Tide Fund.
Founded in 2015, Exo is developing a handheld ultrasound platform that uses artificial intelligence (AI) technology to help healthcare professionals access affordable medical 3D imaging.
The series B capital will support the further development of the company’s products ahead of their commercialisation, as well as the recruitment of engineers, sales agents and operations professionals.
Eric King, an investment director at Intel Capital, has joined the company’s board of directors in conjunction with the round.
Dave Flanagan, senior managing director of Intel Capital, said: “The team at Exo is solving multiple challenges, ranging from fundamental material science to AI, while scaling from low-cost handheld imaging to the highest end equipment. We share their enthusiasm for bringing medical imaging and AI to a much broader audience.”
The round brought Exo’s overall funding to almost $50m, the company said. It raised $6m in an April 2017 round that included the conversion of $1.1m of convertible notes to equity, before adding $6.5m six months later, according to regulatory filings.