promaxo logo

Medtech Startup Promaxo Raises First Tranche of Series B-1 Funding

PRWEB – Promaxo, an Oakland-based medical technology startup developing the portable single-sided MRI, today announced that it has raised the first tranche of Series B-1 funding. The equity round was led by Kineticos Disruptor Fund with participation from existing investors.

Launched in 2016, Promaxo plans to revolutionize healthcare with its MR imaging and robotic platform. Promaxo’s MRI is designed to be used in a standard physician’s office, without the need for extensive safety procedures or a dedicated infrastructure for housing and maintaining the unit. The Company is also developing a robotic system, which enables interventions directly under live MR image guidance, in OR settings or even in a physician’s office.

“We are thrilled to partner with Kineticos Disruptor Fund and leverage their market intelligence and commercialization expertise,” said Amit Vohra, President and CEO of Promaxo. “Our value proposition is unique – to make MRIs more versatile and accessible to patients and physicians.”

Funds from this investment will allow Promaxo to prepare for commercialization of its MRI in the urology market. The funds will be used for the continued development of Promaxo’s robotic and artificial intelligence programs.

“The Kineticos Disruptor Fund is focused on investing with entrepreneur scientists in disruptive platform technologies in areas of large, unmet medical needs,” said Abe Maingi, Partner at Kineticos Disruptor Fund. “We are excited to lead the Series B-1 round for Promaxo as they fit our Fund’s focus perfectly. We look forward to remaining long-term partners with Promaxo.”