According to reports, Samsung’s venture capital division is in negotiations to invest in Exo, a California-based medical equipment startup developing portable, AI-assisted ultrasound. According to Bloomberg, Sands Capital, Bold Capital, and Qubit Health Capital are leading the round, which could raise to $100 million. Under the terms of the deal, Qubit chairman and former Medtronic CEO Omar Ishrak would join the board of directors at Exo.

What Does Exo Do

Exo, established in 2015, is leading the innovation in handheld medical imaging technologies that integrate artificial intelligence, silicon chip technology, and advanced ultrasound imaging.It provides the best device that can connect to the smartphone as an extension to allow medical professionals to quickly scan, record, and exchange findings through a single app. This will be most appropriate for enabling new types of point-of-care tools and supporting some forms of diagnosis, including echocardiograms and lung scans.

The company’s overall vision is to make accurate entry-level diagnostic tools available to all, particularly in resource-strained or developing countries. Exo has raised over $320 million in investments from some of the most eminent venture capitalists like RA Capital Management, BlackRock, Intel Capital, Sony Innovation Fund, and Avidity Partners. It received the latest funding in 2021 when it raised $220 million during a Series C investment.

Inside the Technology: Exo Iris and SweepAI

Exo’s primary offering, Exo Iris, is a compact, high-efficiency ultrasound machine that combines curved, linear, and phased array capabilities in a single probe. The advancement has eliminated the need for multiple probes, thereby simplifying processes for healthcare practitioners. The device facilitates the application of the solutions in numerous clinical settings due to its convenience and ease of use. 

Plus, SweepAI, an artificial intelligence platform that has FDA clearance, gives real-time scanning insights. By itself, it best decides imaging angles and assists in diagnosing conditions such as heart failure, valvular disease, pneumonia, and pulmonary embolism—everything without needing to go online. This ensures user-friendliness even in remote or off-the-grid situations. 

Workflow Support with Exo Works

Exo Works is also a hardware and software platform that supports clinical documentation and patient data workflow.  Exo Works enables users to enter patient data, handle exam results, and connect with hospital systems for convenient storage and access, all through a unified platform.

Possible Strategic Alliance with Medison Samsung

In addition to the financing, sources indicate that Exo is in talks with Samsung Medison, the company’s medical equipment division, which specializes in digital X-ray technologies and ultrasound diagnostics. The combination of advanced imaging technology at Exo and Samsung Medison’s immense production capacity and distribution networks could create substantial synergies. 

Importance of This Investment

This potential investment underscores Samsung’s commitment to enhancing its visibility in the digital health area. Exo could benefit from such funding and strategic support, assisting it in obtaining regulatory approvals faster and advancing its AI product development for market entry. This partnership could also improve Exo’s footing for many international activities, with a particular focus on telehealth and hospitals. The Exo handheld ultrasound is an innovative solution, marking the transition of the healthcare sector toward mobile and AI-based diagnostic modalities.

The company’s ability to provide such diagnostic solutions for the global physician community comes in light of the massive demand for user-friendly, network-based, and data-driven healthcare.