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Exo, maker of a point-of-care ultrasound gadget and platform, introduced Tuesday it has acquired Medo, which affords AI instruments for ultrasound imaging.
Medo brings two FDA-cleared algorithms to the mixed enterprise. Final 12 months the corporate acquired a 510(k) for Medo Thyroid, which helps customers determine and consider thyroid nodules in adults. Medo Hip, which received the FDA green light in 2020, is used to assist diagnose developmental dysplasia of the hip in infants, a situation that would result in ache or issue strolling if left untreated.
Medo’s tech can be built-in into the Exo platform. CEO and founder Sandeep Akkaraju stated the addition will assist healthcare employees with much less ultrasound experience to make use of its instruments, because the Medo AI lets them scan round an organ and presents the very best photographs.
“Whereas we have been targeted on constructing actually highly effective {hardware} and making it actually easy to amass photographs, they have been targeted on permitting less-trained folks to each seize and interpret photographs,” Akkaraju informed MobiHealthNews.
“So it was actually synergistic with all the pieces that we’re doing. By combining our expertise and the AI that Medo has been growing will radically simplify use ultrasound to drive adoption with all caregivers.”
THE LARGER TREND
One other firm within the ultrasound house is Butterfly Network, which earlier this 12 months rolled out a new platform that connects with a well being system’s medical workflow. AI-assisted ultrasound platform Caption Well being raised $53 million in Series B funding in 2020. It then partnered with cardiovascular disease-focused Ultromics final 12 months. Philips additionally affords its personal handheld ultrasound system, which first received FDA clearance in 2015.
In the meantime, there are a selection of corporations utilizing AI in different varieties of imaging, together with Aidoc, RapidAI, Gleamer, Nanox and Qure.ai.
Based in 2015, Exo scored $220 million in Series C funding in July final 12 months, bringing the corporate’s complete elevate to greater than $320 million. Exo had beforehand raised a $40 million Series B+ in 2020 and a $35 million Series B in 2019.
The Medo deal marks the corporate’s first acquisition. Akkaraju stated Exo is a long-term challenge in constructing a extra accessible ultrasound system, which may be particularly valuable in rural areas.
“I do not assume decentralization [of healthcare], dwelling in a post-COVID world, goes to decelerate,” he stated. “Like I inform our staff, concentrate on the horizon, not on the waves.”
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