Vatorx2
Promaxo
Location: 70 Washington St, Suite 407, Oakland, California, United States United States
Founded in: 2016
Stage: Pre-launch
Number of employees: 6-15
Funding history:
- Date: 04/2018, Series A: $5.5 M (post valuation: undisclosed amount).
Short URL: vator.co/promaxo
Awards and mentions
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all attendees, including scientist-entrepreneurs, investors and service providers, walked through the exhibit hall at the Midtown Hilton where the Innovation Challenge was taking place. The 30 finalists participating displayed their technologies, spanning from therapeutics to medical devices, diagnostics and digital health. These finalists were selected based on how investable they are, with criteria evaluating both innovation and commercial viability. First Prize: Promaxo
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2019 Red Herring North America Top 100 Winners
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TiE50 awards recognize the top technology and technology-enabled startups and is not restricted to any specific technology segment. The winners were announced at TiEcon 2019, on May 10 & 11.
Vatorx1

Promaxo

First single-sided office-based MRI
Startup/business
Oakland, California, United States United States
http://www.promaxo.com
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Company description

Promaxo is a medical technology company commercializing office-based MRI system and compatible robotic systems. By bringing MRI to office, Promaxo aims to improve access to MRI, a proven technology for diagnosis and treatment planning for several medical conditions, for more patients in an outpatient setting. Additionally, by bringing MRI to outpatient settings, the economic burden on healthcare system reduces dramatically while obviating needs for unnecessary and ineffective screening methods and as many as 50% biopsies. The patients experience high quality of care on a device that is convenient and comfortable while physicians have access to technology at a fraction of the upfront cost and virtually no facility upgrades or maintenance.

Promaxo's technology backed by more than 60 filed and issued patents, is packed into the first single-sided MRI system and MR compatible robot. The system does not require any facility upgrades such as floor reinforcements, shielding, and high electrical power requirements in addition to not requiring hazardous materials like conventional MRIs. The system is small and light enough to be transported to different floor levels in commercial elevators and through the office doors to be easily setup inside an office. The product is currently being evaluated by FDA for 510k clearance.

Promaxo is initially focused on prostate cancer screening, diagnosis and treatment where MRI is considered the best modality for screening, staging and planning. However, its use is limited due to limited access to MRIs for urologists, who typically work in private practices.  

The technology is built on the back of more than $8M in grant funding and nearly $7M in dilutive (Seed and Series A) funding. The company is currently closing its $8M bridge to series B at the lower of valuation cap of $32M or 20% discount to Series B and 8% discount rate.



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