OSF Ventures, the investment arm of OSF HealthCare, has announced a $35m (£29m) investment to support a start-up that’s developing a breakthrough handheld, AI ultrasound device that will allow health care providers to make critical, real-time diagnostic decisions.
OSF HealthCare is a US-based not-for-profit Catholic health care corporation owned and operated by The Sisters of the Third Order of St. Francis, as a medical group, hospital system, and other health care facilities.
The Series B funding round is expected to support Exo Imaging in obtaining FDA approval and commercially develop its handheld ultrasound platform.
The device is capable of being used for the entire body, from viewing 3D images of the heart and other organs to imaging a person’s vascular system or musculoskeletal features.
OSF HealthCare venture investments vice president Stan Lynall said: “Image quality is so important and Intel’s involvement was a significant indicator to us that this is going to be successful technology.”
Intel, which developed microchip technology useful in development of the ultrasound platform, is one of the major investors in the start-up
Ultrasound platform provides convenient patient care and cost savings
Exo Imaging has designed its ultrasound platform to provide penetration depth and effective fidelity, along with 3D imaging that fits within the palm of the hand.
OSF said that the device offers sharper images at an affordable cost, compared to current imaging technology, and is expected to transform the way its clinicians offer care, diagnosis and treatment.
Exo CEO and president Sandeep Akkaraju said: “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.
“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.” – NS Medical Devices