Handheld ultrasound startup Exo lands $35M

Intel Capital led the round.
By Laura Lovett
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This morning AI-enabled handheld ultrasound startup Exo landed $35 million in Series B funding. The new infusion of cash was led by Intel Capital with participation from Applied Ventures, Bold Capital, Creative Ventures, Longevity Vision Fund, Magnetar Capital, Nautilus Venture Partners, OSF Healthcare, Rising Tide Fund, Sony Innovation Fund and Wanxiang Healthcare Investments. 

WHAT THEY DO

The Redwood City, California-based startup is developing a portable ultrasound that is able to create a 3D image. The company is combining nano-materials, sensor technology and advanced signal processing and computation to create the technology. 

WHAT IT'S FOR 

The new money will be put towards developing the product and helping the startup go through regulatory channels. 

“Our goal is to enable every medical practitioner in the world with affordable and easy to use tools that make imaging accessible,” CEO Sandeep Akkaraju said in a statement. “Our Series B financing will enable us to advance our products through the FDA 510(k) clearance process and into commercialization. Exo will also use the proceeds to build out its team of engineering, sales and operations professionals.”

MARKET SNAPSHOT

This isn’t the only handheld ultrasound on the market. Butterfly Health has made waves in recent years for its smartphone-connected ultrasound device. Last September it raised $250 million in new funding, and its $2,000 device is already on the market. 

Examples of other ultrasound devices are plentiful. GE’s V-Scan was first released in 2010. This was followed by Mobisante, which was cleared by the FDA in 2011. Tech giant Philips also got in the game with its device called Lumify, which was cleared in 2015.  

ON THE RECORD 

“For too long, medical imaging products have been expensive, cumbersome to use and have catered to a small segment of users. Our mission is to fundamentally change the economics, usability and accessibility of high-quality medical imaging and therapeutic tools,” Akkaraju said.