Exo Imaging Secures $35 Million Series B Funding Led by Intel Capital to Advance High-Performance Handheld Ultrasound Platform

On August 5, 2019, VCBeat (WeChat ID: vcbeat) learned from foreign media reports that medical imaging company Exo Imaging announced the completion of a $35 million Series B financing round. The funds will be used to advance the development of the Exo ultrasound platform. The round was led by Intel Capital, with participation from more than ten other investment firms, including Applied Ventures, Bold Capital, Creative Ventures, Longevity Vision Fund, and Magnetar Capital. Eric King, Investment Director at Intel Capital, will join Exo Imaging’s Board of Directors.

Exo Imaging, established in 2015 and headquartered in Redwood City, California, USA, is a medical imaging company. The company is a pioneer in the fields of high-performance handheld ultrasound platforms and AI-powered medical imaging. Exo Imaging is dedicated to providing affordable and user-friendly medical imaging tools to healthcare professionals worldwide, enabling them to make accurate real-time decisions and thereby improve patient outcomes.

Exo Imaging’s ultrasound platform integrates state-of-the-art nanomaterials, sensor technology, advanced signal processing, and semiconductor technology, significantly reducing imaging costs.

“For a long time, medical imaging products have been expensive, cumbersome to use, and accessible only to a small subset of users. Our mission is to fundamentally transform the economics, usability, and accessibility of high-quality medical imaging and therapeutic tools,” said Sandeep Akkaraju, CEO and President of Exo Imaging.

“Our goal is to provide every doctor in the world with affordable, easy-to-use tools that make imaging more accessible,” added Mr. Akkaraju. “The Series B financing will enable our product to navigate the FDA 510(k) clearance process and advance its commercialization. Exo Imaging will also use the proceeds to develop new engineering projects and build out its sales and operations teams.”

Dave Flanagan, Vice President of Intel Corporation and Senior Managing Director of Intel Capital, stated, “The Exo team is tackling multiple challenges spanning from fundamental materials science to artificial intelligence, while expanding its reach from low-cost handheld imaging devices to the most advanced systems. Like them, we are passionate about bringing medical imaging and AI to a broader audience.”

Intel Capital is the investment arm of Intel Corporation and one of the world’s most powerful venture capital firms. Established in 1991 and headquartered in Santa Clara, California, USA, the division primarily invests in innovative startups, focusing on disruptive technologies such as artificial intelligence, proprietary technologies, data centers, cloud computing, 5G, and next-generation computing. To date, Intel Capital has invested $12.4 billion in 1,554 companies worldwide and participated in the mergers or acquisitions of 670 portfolio companies.

Applied Ventures, established in 2006 and headquartered in Santa Clara, California, is a venture capital firm that primarily invests in early-stage technology companies committed to delivering high growth and superior returns. Applied Ventures’ investments help provide innovative technologies for Applied Materials’ core business and stimulate growth in the applications of semiconductors, displays, solar photovoltaics, and related products and services.

Bold Capital, founded in 2015, is a venture capital firm based in Santa Monica, California, USA. The firm primarily invests in early-stage and seed-stage companies.

Creative Ventures, established on February 2, 2016, and headquartered in San Francisco, California, USA, is an early-stage venture capital fund. The fund is dedicated to investing in startups that address the resource crises driven by global population aging, labor shortages, and climate change. Creative Ventures’ current areas of interest include advanced manufacturing, transportation, construction, synthetic biology, cybersecurity, aging populations, climate change, and energy.

Longevity Vision Fund, established in 2018 and headquartered in the United States, is a $100 million investment fund. The fund invests in technology development companies dedicated to researching human longevity, specifically those that extend healthspan and mitigate the adverse effects of aging. Longevity Vision Fund provides seed, Series A, and Series B financing to biotechnology firms and companies focused on life extension.

Magnetar Capital, established on April 1, 2005, is an asset management firm headquartered in Evanston, Illinois, USA. The company maintains offices in New York, Philadelphia, London, and Beijing.

(Compiled by Cheng Tao)