Medtech Startup Promaxo Raises First Tranche of Series B-1 Funding
The latest investment round will propel the commercialization of Promaxo's portable MRI platform
OAKLAND, Calif., May 28, 2020 /PRNewswire-PRWeb/ -- Promaxo, an Oakland-based medical technology startup developing the portable single-sided MRI, today announced that it has raised the first tranche of Series B-1 funding. The equity round was led by Kineticos Disruptor Fund with participation from existing investors.
Launched in 2016, Promaxo plans to revolutionize healthcare with its MR imaging and robotic platform. Promaxo's MRI is designed to be used in a standard physician's office, without the need for extensive safety procedures or a dedicated infrastructure for housing and maintaining the unit. The Company is also developing a robotic system, which enables interventions directly under live MR image guidance, in OR settings or even in a physician's office.
"We are thrilled to partner with Kineticos Disruptor Fund and leverage their market intelligence and commercialization expertise," said Amit Vohra, President and CEO of Promaxo. "Our value proposition is unique - to make MRIs more versatile and accessible to patients and physicians."
Funds from this investment will allow Promaxo to prepare for commercialization of its MRI in the urology market. The funds will be used for the continued development of Promaxo's robotic and artificial intelligence programs.
"The Kineticos Disruptor Fund is focused on investing with entrepreneur scientists in disruptive platform technologies in areas of large, unmet medical needs," said Abe Maingi, Partner at Kineticos Disruptor Fund. "We are excited to lead the Series B-1 round for Promaxo as they fit our Fund's focus perfectly. We look forward to remaining long-term partners with Promaxo."
For more information, career opportunities or to discuss strategic partnerships, contact Promaxo at https://promaxo.com/contact-us/ or email us at [email protected].
About Promaxo
Promaxo is a medical technology company developing and commercializing customer-centric MRI systems and MRI based technologies that enhance patients' lives and redefine the standard of care. Using our proprietary technologies, we are bringing the first portable single-sided MRI and robotic-guidance system to physicians' offices and clinics.
About Kineticos
Kineticos is an award-winning organization supporting life science firms. Launched in 2007, Kineticos initially concentrated on strategy, licensing, and market access support. In 2019, Kineticos was selected as Life Science Consultant of the Year. In 2020, with the launch of the Kineticos Disruptor Fund, Kineticos recognized the need for a new model to support life science start-ups integrating intelligent funding, expertise, and thoughtful execution.
SOURCE Promaxo
Share this article