OSF Ventures Funds Start-Up’s Handheld Ultrasound Device

OSF Ventures has joined a $35-million funding round to support a start-up that’s developing a breakthrough handheld, artificial intelligence (AI) ultrasound device that will allow health care providers to make critical, real-time diagnostic decisions.

OSF Ventures, the investment arm of OSF HealthCare, is amonginvestors in the latest Series B funding round to help Exo Imaging achieve FDAapproval and commercially develop its handheld ultrasound platform. The devicecan be used for the entire body – from looking at 3D images of the heart andother organs to imaging a person’s vascular system or musculoskeletal features.It is capable of penetration depth, fidelity and 3D imaging that still fits inthe palm of a user’s hand.

One of the major investors in Exo Imaging is Intel, whichhas microchip technology that could be used in the development of the ultrasoundplatform.

“Image quality is so important, and Intel’s involvement wasa significant indicator to us that this is going to be successful technology,”according to Stan Lynall, vice president of Venture Investments for OSFHealthCare.

Exo’s universal imager is being designed specifically withconvenient patient care and cost savings in mind, which is why it was appealingto OSF Ventures and why the company has a strategic investment focus on thosetwo areas. It offers sharper images but at a much more affordable price thancurrent imaging technology. Lynall stresses this advancement could transformthe way OSF clinicians offer care by improving their ability to diagnose andprovide the most effective treatment for a variety of OSF patients.

In the course of vetting Exo Imaging, the Ventures teamconsulted with physicians at the University of Illinois College of Medicine inPeoria (UICOMP) who indicated that the ultrasound device is being deployed inmany cases as a less-costly and non-invasive but effective imaging tool.

“There is an emerging trend of ultrasound being more widelyaccepted among a variety of disciplines, and more medical students are beingtaught to read and interpret results as a consequence of this changing view,”said Lynall.

“Having OSF Healthcare on board as an investor is invaluablein providing our engineers with an opportunity for testing and feedback of ourExo Ultrasound Platform,” said Sandeep Akkaraju, CEO and president at Exo.“With clinicians available to them in the final development and testing phases,our engineers will be able to make adjustments quickly and course correct asneeded, to ensure the Exo Ultrasound Platform provides maximum benefit tohealthcare providers bedside, in the Emergency Department, or an officesetting.”

Exo plans to add a layer of AI that’ll offer support for users to make quicker, more accurate life-saving decisions on behalf of patients.