Oxos Medical raises $23M Series A
Oxos Medical raised $23 million in Series A funding to deliver a “radiology department in a box” to the entire health care value chain.
Why it matters: Oxos technology overcomes the significant challenges associated with expensive and complex X-ray technologies and addresses the global shortage of radiology resources.
Details: Investors in this round include Parkway Venture Capital and Intel Capital.
- With this round, Oxos' total funding is at $45 million.
- The funding will go toward accelerating product innovation and expanding availability globally.
- Gregg Hill, Parkway Venture Capital co-founder and managing partner, and Eric King, Intel Capital health and life science investment director, will join the Oxos board of directors.
What they're saying: "With this funding, this will get us over 18+ months of runway," CEO Evan Ruff tells Axios.
- "This fundraise was all about setting Oxos up for scale, specifically expanding access to our safe, powerful, and simple X-ray technology across the entire healthcare value chain, where a real-time diagnosis is critical to saving human lives."
How it works: Oxos devices are designed to replace C-Arms, which are the leading imaging technology.
- Ruff says image quality from C-Arms is short of ideal, and the devices produce a lot of radiation.
- Uniquely, Oxos devices can do both static images (called DR, or digital radiography) and live imaging (called DDR, dynamic digital radiography).
What's next: As far as the path for profitability goes, Ruff has a target in mind.
- "With our device, platform, and diagnostics offerings scaling through 2023, Oxos plans to be cash flow positive in 2024," he says.