Axios Pro Exclusive Content

Oxos Medical raises $23M Series A

Illustration of an x-ray of a stomach showing dollar bill signs.

Illustration: Aïda Amer/Axios

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.
Go deeper