Promaxo Holdings, Inc., a medical device company developing and commercializing a single-sided MRI, announced it has closed a $3.5 million Series A funding round led by MicroPort Scientific Corporation as the strategic investor. MicroPort will secure exclusive China distribution and manufacturing rights for Promaxo’s MRI technology.
The company will use the new capital along with $1.4 million in prior seed funding to conduct clinical validation and prepare regulatory submissions for its office-based high-resolution MRI. The platform is protected by 33 issued and pending patents and has received over $9 million in NIH and NSF grants.
CEO Amit Vohra stated: “The partnership will allow us to leverage MicroPort’s brand, talents, and global footprint to scale Promaxo’s MRI platform.”
Separately, Promaxo appointed Diego Olego, PhD, MBA, as an advisor. Dr. Olego spent over three decades at Philips Healthcare, holding leadership positions in research and innovation management.
The company develops office-based high-resolution MRI, live MRI-compatible biopsy and treatment tools, and CAD software for tissue characterization, focusing on prostate cancer screening, diagnosis, and treatment.