Startup developing a hand-held ultrasound tool for the bedside lands $57M
EchoNous, which markets a compact, AI-powered ultrasound tool, has raised $57 million.
The funding was noted in a recent regulatory filing and confirmed by a spokesperson. The Redmond, Wash.-based startup expects to raise an additional $15 million by the end of September as part of the Series D round, said the spokesperson.
The cash comes on the heels of a $60 million raise in June 2021. That funding helped fuel the commercial launch of the company’s flagship device, Kosmos, an AI-guided point-of-care ultrasound system that can image the heart and other regions of the body.
The company’s deep learning algorithms help operators collect high-quality images, label them, and automatically calculate key measurements like the heart’s ejection fraction. The company says Kosmos provides diagnostic-quality images that rival those from bulkier, less portable and more expensive devices.
Kosmos was recently rated highly for overall image quality in an independent study evaluating five different hand-held ultrasound devices.
The new funding will be used for product development and AI training and integration with the platform. The funding will also propel technology development of its Lexsa ultrasound probe, which received “510(k)” clearance last year from the U.S. Food and Drug Administration, labelling it as “substantially equivalent” to existing devices. The probe enables Kosmos to perform nerve, lung, vascular and mucoskeletal ultrasound at the bedside.
EchoNous, launched in 2015, also recently signed a partnership with Samsung that will enable healthcare providers to pair Kosmos with a Samsung tablet.
EchoNous CEO Kevin Goodwin was previously CEO of ultrasound device developer Sonosite, which sold in 2011 to Fujifilm for $995 million. EchoNous has about 150 employees.
The new equity funding round was led by Kennedy Lewis Investment Management.