Exo, Ultrasound Tech Startup, Grows With Support From Intel and Applied Materials

By Bruce Harpham Wednesday, January 27, 2021

Every year, parents around the world use ultrasound technology to understand their growing children before birth. Exo, a startup based in Redwood City, California, is helping healthcare professionals by systematizing the process of working with ultrasound data. The company is in the process of developing a handheld ultrasound device to compete in the global $2.9 billion ultrasound market.

In addition to hardware, the startup company has also developed an ultrasound data management software product. Known as Exo Works, the app makes it easy for doctors to review and manage ultrasound images on tablets, laptops, and phones, in addition to traditional ultrasound terminals.

“A common complaint among healthcare professionals is that documentation management is a time-consuming, draining and tedious process that is prone to human error—which leads to reduced time for care and suboptimal patient outcomes,” co-founder and CEO of Exo Sandeep Akkaraju said to Startup Savant.

Exo Co-Founder and CEO Sandeep Akkaraju.

Exo’s Two Key Lessons From 2020

Thousands of businesses failed last year, especially restaurants and small businesses. Exo has managed to keep growing — partly because it is linked to the growing healthcare sector and partly due to investors’ support.

“We’ve learned two important lessons in 2020. First, we learned that our vision to reinvent the way frontline healthcare practitioners use technology to triage, diagnose, treat, and document patients is more important than ever, as evidenced by point-of-care ultrasound’s ability to help diagnose COVID-19. Second, we learned the importance of being well-capitalized, which put us in a position of opportunity and allowed us to hire some of the most talented people in the industry,” says Akkaraju.

Exo Will Double in Size in 2021

The health startup is focused on improving its products and the team. “We plan to double the size of the organization this year as we move towards commercialization. We will be hiring a significant amount of people to build out our commercial teams, as well as product teams to focus on our next-generation products,” commented Akkaraju in an interview. As of January 2021, the company has 147 employees, according to Linkedin.

Exo is Growing With Intel, Applied Materials, and Funders

Exo is funded by multiple venture capital firms and large corporations. The startup company raised funding from early-stage focused venture capital firms like Bold Capital, Rising Tide Fund, and Creative Ventures. The company has also secured key relationships with major companies. In total, Exo has more than $80 million in funding.

“Several of our investors are also key partners, including Intel Capital, Applied Ventures, and TDK Ventures, who have helped us tremendously with sourcing chipsets, recruiting employees, and supply chain advice,” commented Akkaraju, CEO of Exo. Intel Capital is Intel’s venture capital unit (stock symbol NASDAQ: INTC), a multi-billion dollar technology firm.

Applied Ventures, the venture capital unit of Applied Materials (stock symbol NASDAQ: AMAT), has invested in more than sixty startups, including Antaios (memory technology), Ayar Labs (a chip hardware startup), and Rockley Photonics (photonics chip manufacturing).

About the Author

Headshot for author Bruce Harpham

Bruce Harpham is an author and marketing consultant based in Canada. His first book "Project Managers At Work" shared real-world success lessons from NASA, Google, and other organizations. His articles have been published in CIO.com, InfoWorld, Canadian Business, and other organizations. Visit BruceHarpham.com for articles, interviews with tech leaders, and updates on future books.

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