Promaxo is an Oakland, CA–based company that develops portable low-field MRI systems and minimally invasive robotics aimed at improving medical imaging and interventions. Its open, compact MRI has a limited fringe field so it can be placed in clinics or operating rooms and is designed to be compatible with robotic procedures. The Promaxo system enables earlier diagnosis and treatment in a wider range of healthcare settings and is the first in the U.S. to receive FDA 510(k) clearance for prostate biopsy and treatment. Led by Founder and CEO Dr. Amit Vohra, the company is building a minimally invasive, patient-centric MRI and robotic platform that incorporates imaging, robotics and AI capabilities. Promaxo is currently working to obtain FDA clearance for its own robot to further enhance precision and predictability in prostate interventions. Promaxo develops a minimally-invasive, patient-centric MRI and robotic platform for point-of-care diagnostic biopsies and cancer treatment. The company, based in Oakland, California, holds over 200 patents and emphasizes state-of-the-art medical imaging, robotics, and AI capabilities. Promaxo is commercializing a compact and adaptable MRI system and has formed numerous long-term and strategic partnerships with investor groups and corporations. To support continued commercialization and sales, Promaxo announced an upsized asset financing agreement with kineo finance that increases its direct leasing solution. The expanded agreement is intended to support the company’s commercial and customer sales programs and to cover its expected sales pipeline in 2023. Kineo finance is a Swiss-headquartered asset financing group with subsidiaries in the USA and Germany that provides venture leasing and working capital solutions and is backed by institutional investors. Promaxo develops a compact, adaptable MRI and robotic platform intended to enable safe, effective point-of-care diagnostic biopsies and to facilitate cancer treatment through an open architecture. The company emphasizes a minimally-invasive, patient-centric approach and integrates imaging, robotics and AI capabilities. Promaxo says its system overcomes limitations of traditional MRI systems and has received favorable physician feedback. Management highlights a large addressable market, citing a $3 billion market for prostate cancer. The company is based in Oakland, California, was founded by entrepreneurs and healthcare innovators, and is backed by over 200 patents. Promaxo has formed numerous long-term and strategic partnerships as it drives commercialization of its in-office MRI system. Promaxo develops a minimally‑invasive, patient‑centric MRI and robotic platform that combines medical imaging, robotics and AI for point‑of‑care diagnostic biopsies and cancer interventions. The company offers a compact, adaptable MRI system intended to improve the quality and speed of patient diagnosis and procedures. Promaxo is backed by over 90 patents and has formed numerous long‑term and strategic partnerships with investor groups and corporations as it prepares to enter the US market. Management says the platform targets in‑office diagnostic and therapeutic procedures, including a cited $3 billion addressable market for in‑office urology procedures. To expand commercial adoption, Promaxo is adding direct leasing and sales‑and‑lease‑back options for physician practices and academic centers. An asset financing agreement with kineo finance is intended to support these growth initiatives and broaden market penetration of its platform technology. Promaxo develops a minimally-invasive, patient-centric MRI and robotic platform centered on a compact and adaptable MRI system. The company emphasizes incorporation of artificial intelligence into imaging and image-based interventions and holds over 60 patents. Promaxo says its technology aims to improve the quality and speed of patient screening and interventions and to redefine the standard of care. The firm plans to use recent funding to accelerate its data strategy and further integrate AI capabilities. Promaxo has formed numerous long-term and strategic partnerships as it prepares to enter the U.S. market and is based in Oakland, California. Leadership describes a goal of introducing a truly open MRI system to the masses and expanding the frontiers of medical imaging, robotics, and AI.

Total raised

$11M

Funding rounds

7

Latest round

Equity

Latest activity

Apr 2022