Exo Secures $220 Million in Series C Funding Round

Exo Imaging, a developer of AI-enabled medical imaging and therapeutic applications, closed a $220 million Series C investment round led by RA Capital Management.

BlackRock, Sands Capital, Avidity Partners, and Pura Vida Investments, and prior investors also participated.

According to Exo, its medical imaging system includes its proprietary point-of-care ultrasound workflow solution, Exo Works. Exo Works solves workflow issues by streamlining exam review, documentation, and billing in one platform – in under 60 seconds. The software works with point-of-care ultrasound devices and securely connects to the most common EMR and PACS systems used in hospitals to house imaging and communications.

The Series C funding follows a Series B funding round for the Redwood City-based company, bringing Exo’s total funding to more than $320 million to date.

“Exo has developed a transformative point-of-care ultrasound solution. Their best-in-class imaging coupled with a simple and intuitive workflow will make them a leader in this exciting field. We have been thoroughly impressed by the strong and growing team at Exo. We are excited to work alongside them as they rapidly expand access to this powerful technology,” said Zach Scheiner, principal with RA Capital Management.

According to the company, its software enables healthcare professionals to make critical, real-time decisions that ultimately improve patient outcomes.

“Exo’s hardware and software were designed in tandem, with the future of decentralized healthcare at the forefront of every decision,” said Exo CEO Sandeep Akkaraju. “Our vision is a healthcare system unconstrained by the four walls of a hospital and engineered for a world where providers can see clearly into every patient immediately.”

Arun Nagdev, MD, director of emergency ultrasound at Highland General Hospital and senior director of clinical education at Exo, said: “Emergency medicine will become so much more precise, swift, patient-focused and outcome-oriented as physicians are educated and empowered by intuitive handheld ultrasound devices that are at the ready for everything from traumatic injury diagnosis to nerve-block procedures.”

Medical Imaging companies raised $86 million in the first half of 2021. Recently, Aidoc, an AI-powered medical imaging company, announced a $66 million investment round, bringing its total funding to $140 million.