Promaxo, an Oakland-based maker of portable MRI systems, has announced the initial close of its Series C round and a $100 million credit facility. New Science Ventures and Amara Ventures took part in the equity round. The money will fund more manufacturing capacity, a smaller order backlog, and new regulatory filings. The mix gives the company both dilutive and non-dilutive funding. Its MRI system is the first in the US to receive FDA 510(k) clearance for prostate biopsy and treatment across a broad range of healthcare settings. Promaxo is seeking clearance for its robotic platform and an AI cancer risk-scoring tool. "Combining credit with equity lets us invest in value creation priorities while limiting dilution for our shareholders," said chief executive officer Amit Vohra.

Promaxo announces closing of Series C financing and $100M credit facility. The growth capital will expand manufacturing capacity, reduce backlog, and support new regulatory filings. OAKLAND, Calif., Oct. 22, 2026 (GLOBE NEWSWIRE) - Promaxo today announced the initial close of its Series C financing, with participation from New Science Ventures and Amara Ventures, as well as the successful closing of a $100M credit facility. The new capital will support expanded manufacturing capacity, backlog reduction, and new regulatory filings. The growth capital provides Promaxo with both dilutive and non-dilutive funding as new dedicated prostate-biopsy reimbursement codes from the Centers for Medicare & Medicaid Services (CMS) highlight the patient-care benefits of Promaxo's minimally-invasive biopsy and treatment pathways. The initial close included participation from UAE-based Amara Ventures and New Science Ventures, a VC firm based in Connecticut and London. Promaxo's platform advances patient care by combining point-of-care image-guided interventions with AI and robotics. Its portable MRI system is the first in the United States to receive FDA 510(k) clearance for prostate biopsy and treatment across a broad range of healthcare settings. Promaxo is pursuing FDA clearance for its robotic platform and AI-based cancer risk-scoring tool to further improve the precision and predictability of prostate interventions. "We are excited to invest in Promaxo's Series C round and support the next phase of growth and commercialization of its point-of-care MRI platform, powered by AI and robotics, for precision care. Promaxo's differentiated approach to image-guided interventions - combining innovative MRI technology, data driven robotics, and advanced AI tools - has the potential to transform how precision oncological procedures are delivered and reshape the procedural care paradigm," said Somu Subramaniam, Founder and Managing Partner of New Science Ventures. "This financing is a vote of confidence in our execution and in the markets, we serve," said Dr. Amit Vohra, Founder and CEO of Promaxo. "Combining credit with equity lets us invest in value creation priorities while limiting dilution for our shareholders." According to the National Cancer Institute (NCI), around 3.3 million men currently live with prostate cancer in the US, with an estimated 333,830 new cases and 36,320 deaths projected for 2026. Over two million prostate biopsies are performed annually, and the total US prostate screening, biopsy and treatment market is valued at about $10 billion. Additionally, Promaxo is seeking to expand into other adjacent indications, such as female pelvic, kidney, breast, and colorectal cancers. About Promaxo Promaxo was founded by a team of entrepreneurs and healthcare innovators to develop a minimally-invasive and patient-centric MRI and robotic platform. Based in Oakland, California, and backed by over 250 patents, the Company's mission is to improve lives through state-of-the-art medical imaging, robotics and AI capabilities. With a compact and adaptable MRI, Promaxo is redefining the standard of care by improving the quality and speed of patient diagnosis and interventions. To learn more about the platform technologies, please visit: