OSF Ventures, the investment arm of OSF HealthCare has joined a $35M Series B funding round to support medical device startup Exo Imaging that’s developing a breakthrough handheld, AI ultrasound device that will allow healthcare providers to make critical, real-time diagnostic decisions.
Performance Ultrasound Platform
Founded in 2015, Exo (pronounced “Echo”) is bringing diagnostic-grade medical imaging to the pocket of every caregiver and clinician worldwide. The company is developing an affordable medical ultrasound platform capable of exceptional image fidelity, penetration depth and 3D imaging of the heart and other organs to imaging a person’s vascular system or musculoskeletal features that still fits in the palm of your hand. OSF Ventures is among investors in the latest Series B funding round to help Redwood, California-based Exo Imaging achieve FDA approval and commercially develop its handheld ultrasound platform.
One of the major investors in Exo Imaging is Intel which has microchip technology that could be used in development of the ultrasound platform capable of penetration depth and exceptional fidelity, 3D imaging that still fits in the palm of your hand.
“With clinicians available to them in the final development and testing phases, our engineers will be able to make adjustments quickly and course-correct as needed, to ensure the Exo Ultrasound Platform provides maximum benefit to healthcare providers bedside, in the Emergency Department, or an office setting,” said Sandeep Akkaraju, CEO and president Exo Imaging.
Why OSF Ventures Invested in Exo Imaging
Exo’s universal imager is being designed specifically with convenient patient care and cost savings in mind which is why it was appealing to OSF Ventures which has a strategic investment focus on those two areas. It offers sharper images but at a much more affordable price than current imaging technology. Lynall stresses this advancement could transform the way OSF clinicians offer care by improving their ability to diagnose and provide the most effective treatment for a variety of OSF patients.
In the course of vetting Exo Imaging, the Ventures team consulted with physicians at the University of Illinois College of Medicine in Peoria (UICOMP) who indicated ultrasound is being deployed in many cases as a less-costly and non-invasive but effective imaging tool. “There is an emerging trend of ultrasound being more widely accepted among a variety of disciplines and more medical students are being taught to read and interpret results as a consequence of this changing view,” said Lynall.
Exo plans to add a layer of artificial intelligence that’ll offer support for users to make quicker, more accurate life-saving decisions on behalf of patients.
Why It Matters
“Image quality is so important and Intel’s involvement was a significant indicator to us that this is going to be successful technology,” according to Stan Lynall, vice president of Venture Investments for OSF HealthCare.
“Having OSF Healthcare on board as an investor is invaluable in providing our engineers with an opportunity for testing and feedback of our Exo Ultrasound Platform,” said Sandeep Akkaraju, CEO and president at Exo.