Total amount raised
$328.3 Millions
Latest funding date
08/01/2024
Location
Exo has successfully raised significant funding through multiple rounds, attracting a diverse group of 25 investors. The company specializes in developing handheld ultrasound devices and AI for imaging and therapeutic applications.
Keep reading to explore the intricacies of Exo's fundraising journey and the investors backing this innovative platform.
What Is Exo?
Exo, founded in 2015, is a medical device startup based in Redwood City, California. The company specializes in developing handheld ultrasound devices and AI for imaging and therapeutic applications.
Founded by Janusz Bryzek, John Kokulis, Sandeep Akkaraju, and Yusuf Haque, Exo aims to provide affordable and easy-to-use medical imaging solutions to healthcare professionals. The company employs between 101 and 250 people.
How Much Funding Has Exo Raised?
- Seed Round
- Amount Raised: Not publicly disclosed
- Date: March 2015
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To kickstart the development of their handheld ultrasound device and AI technology.
- Venture Round
- Amount Raised: $6M
- Date: April 2017
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To further research and development of their medical imaging solutions.
- Series A
- Amount Raised: $6.5M
- Date: November 2017
- Lead Investors: Rising Tide
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale up production and enhance their AI capabilities.
- Series B
- Amount Raised: $35M
- Date: August 2019
- Lead Investors: Intel Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand market reach and accelerate product development.
- Series B Extension
- Amount Raised: $40M
- Date: August 2020
- Lead Investors: Action Potential Venture Capital, Fiscus Ventures, Reimagined Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To continue development and initial commercialization efforts of the ultrasound device and platform.
- Series C
- Amount Raised: $220M
- Date: July 2021
- Lead Investors: RA Capital Management
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To commercialize the handheld ultrasound device and the Exo Works platform, build out the informatics platform, and ramp up production and sales efforts.
- Debt Financing
- Amount Raised: $20.7M
- Date: August 2024
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support ongoing operations and further technological advancements.
Total Amount Raised: $328.2M. Current Valuation: Not publicly disclosed.
Key Investors
- RA Capital Management
- Details: RA Capital Management is a life sciences-focused investment firm that invests in public and private healthcare and life sciences companies. They are known for their deep expertise in biotechnology and pharmaceuticals.
- Investment Focus Areas: Healthcare, life sciences, biotechnology, pharmaceuticals, medical devices.
- Notable Investments: Moderna, CRISPR Therapeutics, Intellia Therapeutics.
- BlackRock
- Details: BlackRock is a global investment management corporation that provides a range of investment and risk management services. They manage assets for clients worldwide, including institutions and individuals.
- Investment Focus Areas: Technology, healthcare, financial services, various other sectors.
- Notable Investments: Apple, Microsoft, Amazon.
- Sands Capital
- Details: Sands Capital is an investment management firm that focuses on investing in high-quality growth businesses globally. They aim to identify companies with strong growth potential.
- Investment Focus Areas: Technology, healthcare, consumer services.
- Notable Investments: Tesla, Amazon, Netflix.
- Avidity Partners
- Details: Avidity Partners is an investment firm that focuses on public and private healthcare companies. They specialize in biotechnology and pharmaceuticals.
- Investment Focus Areas: Healthcare, life sciences, biotechnology, pharmaceuticals.
- Notable Investments: Relay Therapeutics, Revolution Medicines.
- Pura Vida Investments
- Details: Pura Vida Investments specializes in healthcare investments, focusing on biotechnology, pharmaceuticals, and medical devices. They aim to support innovative healthcare solutions.
- Investment Focus Areas: Healthcare, biotechnology, pharmaceuticals, medical devices.
- Notable Investments: Axonics Modulation Technologies, Biohaven Pharmaceuticals.
What's Next for Exo?
Exo stands at the cusp of significant growth, driven by the commercialization of its handheld ultrasound device and the expansion of its Exo Works platform. With a $220 million Series C funding round, the company is well-positioned to accelerate its market reach and enhance its product offerings. The global point-of-care ultrasound market, projected to reach $3.1 billion by 2025, presents a substantial opportunity for Exo to capture a significant share.
Future fundraising opportunities appear promising, given the strong investor interest and the potential for further scaling. However, Exo faces challenges such as obtaining regulatory approvals and competing with established players in the medical imaging market. Successfully navigating these hurdles will be crucial for Exo to maintain its growth trajectory and achieve its ambitious goals.
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