Exo looks to commercialize its handheld ultrasound with $220M in funding

Exo a company, best-known for its handheld ultrasounds, scored $220 million in Series C funding this morning. The latest found was led by RA Capital Management with participation from BlackRock, Sands Capital, Avidity Partners and Pura Vida Investments

This news comes just about a year after the Silicon Valley startup closed a $40 million Series B+ round. As of today, the company’s total funding comes in at just over $320 million.

WHAT IT DOES

Its main product is a point-of-care ultrasound that combines nano-materials, sensor technology, and advanced signal processing and computation.

The company has also created a workflow tool for point-of-care ultrasounds called Exo Works. It is able to streamline exam review, documentation and billing, and is designed to work with any point-of-care ultrasound.

“Exo’s hardware and software were designed in tandem, with the future of decentralized healthcare at the forefront of every decision,” Exo CEO Sandeep Akkaraju said in a statement.

“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.” 

WHAT IT’S FOR

The company plans to use the new funds to commercialize the handheld ultra-sounds and workflow tool. The ultrasound has not yet landed regulatory clearance.

MARKET SNAPSHOT

Exo isn’t without competitors. One of the biggest names in the point-of-care ultrasound space is Butterfly Health Network, which also makes handheld ultrasound devices and a corresponding workflow platform. In November of 2020, the company announced a special purpose acquisition company (SPAC) merger with Longview Acquisition.

In 2017 Butterfly landed FDA clearance for its chip-based smartphone-connected ultrasound. Additionally, the UC Irvine Medical School’s class of 2023 each received their own free Butterfly iQ device as part of their White Coat Ceremony.

Other portable ultrasounds include  GE’s V-Scan, the Mobisante, which was cleared by the FDA in 2011, and Philips device called Lumify, which was cleared in 2015.