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About Promaxo
Industries
Biotechnology
Healthcare
Company Size
51-200
Company Stage
Early VC
Total Funding
$49.5M
Headquarters
Oakland, California
Founded
2016
Overview
Promaxo provides MRI solutions specifically designed for prostate imaging and image-guided biopsies. Their MRI system is compact and modular, allowing private medical practices, especially those in urology, to perform scans on-site without the need for extensive facility upgrades. This system operates using low magnetic fields to generate high-quality images quickly and comfortably for patients. Unlike traditional MRI systems, Promaxo's technology is more accessible and cost-effective, reducing the need for referrals to external imaging centers and minimizing wait times for patients. The company generates revenue by selling these MRI systems to medical practices, which can recover their investment quickly due to existing reimbursement codes. Promaxo's goal is to enhance patient care by making MRI technology more available and affordable, ultimately improving the diagnostic process for prostate health.
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Simplify's Take
What believers are saying
- Promaxo's compact MRI systems reduce patient wait times and improve care efficiency.
- The company benefits from existing CPT codes, aiding quick capital cost recovery.
- Promaxo's strong IP portfolio with 60 patents supports its innovative edge.
What critics are saying
- Increased competition in the portable MRI market may impact Promaxo's market share.
- Reliance on AI systems exposes Promaxo to data privacy and regulatory compliance risks.
- Expansion into new markets may strain operational resources and create logistical challenges.
What makes Promaxo unique
- Promaxo offers the first FDA-cleared portable MRI for prostate biopsy and treatment.
- Their MRI systems require no extensive facility upgrades, unlike traditional MRI systems.
- Promaxo's technology integrates AI and robotics for enhanced patient care and diagnostics.
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Funding
Total Funding
$49.5M
Meets
Industry Average
Funded Over
3 Rounds
Benefits
Health
Family
Community Activties
Convenience
Time Away
Growth
Growth & Insights and Company News
6 month growth
↑ 2%1 year growth
↑ 12%2 year growth
↑ 6%PENNINGTON, N.J., June 18, 2024 /PRNewswire/ -- Zynext Ventures USA LLC (Zynext Ventures), the Venture Capital (VC) arm of Zydus Lifesciences, dedicated to fostering disruptive healthcare innovations, announced its investment in Promaxo Inc. (Promaxo), a leading US-based developer of portable low-field MRI systems and minimally invasive robotics.Promaxo's innovative technology aims to revolutionize patient care by enabling point-of-care imaging and intervention. Their portable low-field MRI systems enable early diagnosis and treatment in a wider range of healthcare settings. The portable Promaxo MRI system is the first in the USA to receive an FDA 510(k) clearance for prostate biopsy and treatment. Unlike traditional MRI, the Promaxo MRI is open and compact with a limited fringe field and can be placed in a clinic or operating room. The system is also designed to be compatible with robotic procedures
The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete.The reader should not assume that the information is accurate and complete.
Further, in June 2022, Promaxo Inc. launched an in-office MRI system-a single-sided MRI integrated with an AI-based imaging system-at East Valley Urology Centre.
Promaxo was founded by a team of entrepreneurs and healthcare innovators to develop a minimally-invasive and patient-centric MRI and robotic platform.
OAKLAND, Calif., Oct. 04, 2023 (GLOBE NEWSWIRE) -- Promaxo, Inc. ("Promaxo" or the "Company"), a medical imaging, robotics, and AI technology company, announced today that it has received a direct investment from Fred Moll, M.D., industry pioneer and leader in surgical robotics and minimally invasive surgery, with more than 40 years of experience of building and leading innovative medical device companies. Promaxo also appointed Dr. Moll as strategic advisor."Renowned for his extraordinary track record of success in innovating, developing, and commercializing novel technologies in the field of medical robotics, we are proud to announce that Promaxo has received a direct investment from Dr. Moll, who also joins us as a strategic advisor," said Dr
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About Promaxo
Industries
Biotechnology
Healthcare
Company Size
51-200
Company Stage
Early VC
Total Funding
$49.5M
Headquarters
Oakland, California
Founded
2016
There are no jobs for Promaxo right now.
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