Samsung ‘s venture capital arm plans to invest in California-based medical device startup Exo in a round that could reach $100 million, Bloomberg reported, citing anonymous sources.
The round is led by Sands Capital, Bold Capital and Qubit Health Capital, the report said, adding that Qubit CEO Imar Ishrak will join Exo’s board of directors.
Founded in 2015, Exo produces portable medical imaging devices that use a combination of artificial intelligence, medical imaging, and silicon technology for ultrasound examinations such as lung scans or echocardiograms. The device connects to a smartphone, and medical experts can scan patients, document and share examination reports using a single app.
To date, the company has raised more than $320 million from investors including RA Capital Management, BlackRock, Sands Capital, Intel, Sony, and Avidity Partners. The company last raised $220 million in a Series C round in 2021.
Exo is also in talks to partner with Samsung Medison Co. which manufactures medical devices for ultrasound diagnostics and digital X-ray systems, the report said.
