Samsung eyes investment in $100M round for renowned AI-powered startup

Samsung’s venture investment division is reportedly planning to invest in Exo, a California-based medical device startup, as part of a funding round that could total up to $100 million.

Citing unnamed sources, Bloomberg reported that the funding round is being led by Sands Capital, Bold Capital, and Qubit Health Capital.

The report also noted that Qubit Health Capital’s chairman, Omar Ishrak, former CEO of Medtronic, is expected to join Exo’s board of directors as part of the deal.

For those unversed, founded in 2015, Exo specialises in portable, AI-integrated ultrasound imaging devices.

Its flagship product is a handheld scanner that connects to a smartphone, enabling medical professionals to perform lung scans, echocardiograms, and other exams.

Users can conduct, document, and share scans through a single mobile app, streamlining diagnostic workflows.

Notably, so far, Exo has raised over $320 million from prominent investors including BlackRock, RA Capital Management, Intel, Sony, Sands Capital, and Avidity Partners.

Its last major fundraising round was a $220 million Series C round completed in 2021.

In addition to the funding news, Exo is reportedly in discussions to collaborate with Samsung Medison Co., the medical technology arm of Samsung that manufactures diagnostic ultrasound and digital X-ray equipment.