Exo Imaging has announced that it added OSF Ventures, the investment arm of OSF HealthCare, as the latest investor in its Series B round this week. The Redwood, Cali.-based startup seeks to use the $35 million raised to achieve FDA approval for its handheld, AI ultrasound device to be used for diagnostics.
"With clinicians available to them in the final development and testing phases, our engineers will be able to make adjustments quickly and course correct as needed, to ensure the Exo Ultrasound Platform provides maximum benefit to healthcare providers bedside, in the Emergency Department, or an office setting."
"Having OSF HealthCare on board as an investor is invaluable in providing our engineers with an opportunity for testing and feedback of our Exo Ultrasound Platform," Sandeep Akkaraju, CEO and president at Exo, said in a statement. "With clinicians available to them in the final development and testing phases, our engineers will be able to make adjustments quickly and course correct as needed, to ensure the Exo Ultrasound Platform provides maximum benefit to healthcare providers bedside, in the Emergency Department, or an office setting."
Exo’s universal imager, capable of scanning the entire body, offers sharper, more affordable imaging than current imaging technology. Intel is among the company’s investors, noted for its microchip technology that could inform the development of the device’s ultrasound platform. "Image quality is so important and Intel's involvement was a significant indicator to us that this is going to be successful technology," said Stan Lynall, vice president of Venture Investments for OSF HealthCare.
Exo plans to add a layer of artificial intelligence that'll offer support for users to make quicker, more accurate life-saving decisions on behalf of patients.