To commercialise affordable handheld ultrasound device
Exo (pronounced ‘echo’), a pioneering health information and devices company, closed a $220 million Series C investment round led by RA Capital Management and joined by BlackRock, Sands Capital, Avidity Partners and Pura Vida Investments that will fund the commercialisation of its handheld ultrasound device and its intuitive point-of-care ultrasound workflow solution, Exo Works.
The Series C funding follows a successful Series B funding round for the Redwood City-based company, bringing Exo’s total funding to more than $320 million. As Exo accelerates the commercialisation of both its hardware and software, the company is proud to have the backing of a world-class syndicate of healthcare and health technology investors. Morgan Stanley & Co LLC served as the sole placement agent for the transaction. Wilson Sonsini Goodrich & Rosati served as legal advisors to Exo.
Developed by a team of nanotechnologists, chip designers, consumer electronics and medical device experts, Exo’s handheld ultrasound device will, once regulatory approvals have been obtained, use radically new materials, processes and AI to generate unrivalled image quality, definition and depth at an affordable cost. This scalable technology will allow Exo to widely distribute a device that aims to decentralise ultrasound while making it accessible everywhere.
“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.
Exo’s medical imaging ecosystem includes its proprietary point-of-care ultrasound workflow solution, Exo Works. It solves decades-long workflow issues by streamlining exam review, documentation and billing in one platform — in under 60 seconds. The software works with nearly all point-of-care ultrasound devices and securely connects to the most common EMR and PACS systems used in hospitals to house imaging and communications.
“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.”
“Handheld ultrasound is changing how medical care is delivered, which has already been proven by its use during the COVID-19 pandemic when it was difficult to bring cart-based systems into triage areas,” said Arun Nagdev, MD, director of emergency ultrasound at Highland General Hospital and senior director of clinical education, Exo. “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.”
The team at Exo is made up of executives with deep ultrasound experience, MEMS expertise and consumer device development. Vice President of Marketing Jeff Peiffer and Vice President of Sales Andy Berthusen, who will lead Exo’s commercialization efforts, have a combined 45 years of experience leading global product development, marketing and sales at GE Healthcare and Johnson & Johnson.
