Promaxo, an Oakland-based medical technology startup, announced it has secured the first tranche of Series B-1 funding. The equity round was led by Kineticos Disruptor Fund with backing from existing investors.
The company, established in 2016, is developing a portable single-sided MRI system intended for use in standard physician offices. According to the announcement, their technology eliminates the need for extensive safety protocols or dedicated infrastructure. Promaxo is also developing a robotic system enabling interventions under live MR image guidance in operating rooms or clinical settings.
“Our value proposition is unique — to make MRIs more versatile and accessible to patients and physicians,” stated Amit Vohra, President and CEO.
The investment will support commercialization efforts in the urology market and advance development of robotic and artificial intelligence programs. Abe Maingi from Kineticos Disruptor Fund noted the company fits their focus on “disruptive platform technologies in areas of large, unmet medical needs.”