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CORRECTED-Ultrasound device maker Exo raises $220 mln in fresh funds

Reuters
Updated ·1-min read

(Corrects headline to say $220 mln, not $300 mln)

July 29(Reuters) - Handheld ultrasound device maker Exo said on Thursday it had raised $220 million in a funding round led by health and life sciences investor RA Capital Management.

The company did not disclose the valuation at which the funds were raised. The round also included BlackRock Inc and investment firm Sands Capital and brought the total capital raised by the company to more than $320 million so far.

Redwood City, California-based Exo plans to use the funds for the commercialization of its ultrasound device and Exo Works, its platform for ultrasound imaging, documentation and billing.

Founded in 2015, the company is the latest in the healthcare sector to cash in on rising investor interest in digital health businesses. Forward Health in March raised $225 million at a $1 billion valuation, while Noom raised $540 million in a funding round in May. (Reporting by Niket Nishant in Bengaluru and Jane Lee in San Francisco; Editing by Aditya Soni)