Medical technology manufacturer Exo (pronounced Echo) has recently completed a Series C of funding, which left the company with $220 million in additional capital gain. This money will be used to further progress the company’s revolutionary ultrasound technology.
Based out of Redwood City, California, Exo has been perfecting the development of an ultrasound device which utilizes artificial intelligence, silicon technology, and medical imaging to conduct low-cost and effective ultrasounds with ease. The device is significantly cheaper than the standard $50,000+ ultrasound machine, costing roughly the price of a high-end laptop. This device is compact and designed not only for physicians in a clinical environment, but also for patients at home.
With the newly-acquired funding, the immediate focus of Exo is to commercialize the device and distribute its prototypes around the country with a reformed informatics platform.
The global point-of-care ultrasound market is expected to grow 5% annually, reaching a whopping $3.1 billion by 2025. This is reinforced by the fact that many non-physician hospital workers want to start utilizing ultrasounds in their daily tasks, driving up the demand for such technology.
The device is still awaiting approval from the U.S. Food and Drug Administration, but will likely start appearing in U.S. hospitals shortly after getting the green light.