Exo Imaging, a Redwood City, Calif.-based company developing an affordable artificial intelligence-powered medical ultrasound platform, raised $35 million in a funding round that included participation from Peoria, Ill.-based OSF HealthCare.
The Series B round was led by Intel's investment arm, and also included Sony's corporate venture capital arm, Nautilus Venture Partners, Applied Ventures, Bold Capital and more. Exo has now raised nearly $50 million since its 2015 founding; the new investment will go toward expanding the company's engineering, sales and operations teams and advancing the ultrasound device's progress toward FDA clearance, according to co-founder and CEO Sandeep Akkaraju.
Exo's platform relies on advanced AI, nanomaterial, novel sensor and other technologies to achieve high-quality image fidelity, penetration depth and 3D imaging that can fit in the palm of a clinician's hand, but is significantly more affordable than comparable imaging equipment.
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