Samsung may invest in $100M round for medical imaging startup Exo

Samsung’s venture investment unit is looking to invest in California-based medical device startup, Exo, in a round that could climb to $100 million, Bloomberg reported, citing anonymous sources.

The round is being led by Sands Capital, Bold Capital and Qubit Health Capital, the report said, adding that Qubit’s chairman, Imar Ishrak, would join Exo’s board.

Founded in 2015, Exo makes handheld medical imaging devices that use a combination of artificial intelligence, medical imaging and silicon technology for ultrasound examinations like scanning lungs or echocardiograms. The device plugs into a smartphone, and medical examiners can scan patients, document, and share exam reports using one app.

The company has so far raised more than $320 million in funding from investors including RA Capital Management, BlackRock, Sands Capital, Intel, Sony, and Avidity Partners. The company most recently raised a $220 million in Series C round in 2021.

Exo is also in talks to partner with Samsung Medison Co., which makes medical devices for ultrasound diagnostics and digital X-ray systems, the report said.

Exo, Samsung, Sands Capital, Bold Capital and Qubit Health did not immediately return requests for comment.