Today's entrepreneur: Amit Vohra

Steven Loeb · September 10, 2019 · Short URL: https://vator.tv/n/4eaf

Believe in yourself and constantly strive to learn

Today's entrepreneur is Amit Vohra, Co-Founder, President and CEO of Promaxo 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.

Dr. Vohra is a serial entrepreneur, business strategist and advisor to several healthcare and technology startups. He is the Co-Founder of Promaxo and currently serves as the Company’s President & Chief Executive Officer. He is a Partner in Advanced Biopharma Consulting, a management consultancy offering strategic business development and commercialization services in the life sciences space. He is a Board Member at Navaux and Admac USA, and a West Coast Advisory Board Member for the Herbert Wertheim College of Engineering at the University of Florida.

Prior to Promaxo, Vohra was the President & CEO of Convergent Life Sciences wherein he took a product through FDA clearance within 18 months of Company formation. Previously, as VP of Strategy and Operations at Eigen, he led the development and successful commercialization of two class II medical devices in the prostate biopsy space. In 2009, Vohra co-founded Navya Biomedical Technologies, a biotechnology company using proprietary polyhydroxy fullerenes for non-invasive imaging and destruction of solid tumors. Amit has a Doctorate in Mechanical Engineering from University of Florida, and an MBA (Fuqua Scholar) from Duke University’s Fuqua School of Business.

Vohra will be participating in the startup showcase at Vator's Reinventing the Doctor event at UCSF on 9/12. Register here.

I am a(n):

Entrepreneur

Companies I've founded or co-founded:

Promaxo, Convergent Life Sciences, Navya, Advanced Biopharma Consulting, Admac USA

Companies I work or worked for:

Eigen, Air Liquide

If you are an entrepreneur, why?

I want to change the world.

My favorite startups:

Promaxo, Brex, Grail, Molekule

Why did you start your current company?

I had exited my last company and was working on my Executive MBA at Duke. I attended a NC Biotechnology event in Fall 2014, where Promaxo's one-of-its-kind, office-based MRI technology was being presented. I had a scintillating conversation with the inventor and after 15 months of due diligence and business planning, we were confident that we had an opportunity to make a positive impact in healthcare AND we made Promaxo happen!

What's most frustrating and rewarding about entrepreneurship/innovation?

The path of entrepreneurship and realizing innovation can be winding and lonely. I am fortunate to have the most supportive wife! However, working long days and spending countless hours away from loved ones can be frustrating. On the other hand, the most rewarding aspect of innovation is when it leads to a product that the customers can use. Specifically, in healthcare, positively impacting even a single patient's life is the ultimate reward.

What's the No. 1 mistake entrepreneurs make?

Being too much in love with the original idea and not willing to adapt and/or listen to the voice of customers

What are the top three lessons you've learned as an entrepreneur?

- Believe in yourself and constantly strive to learn

- Be level-headed as the constant creasts and troughs of entrepreneurship can be exhilarating and stressful

- Have a clear vision and build a team with diverse and complementary skills and experiences

Read more from our "Today's Entrepreneur" series

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Related Companies, Investors, and Entrepreneurs

Promaxo

Startup/Business

Joined Vator on

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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Amit Vohra

Joined Vator on

Dr. Amit Vohra is a serial entrepreneur, business strategist and advisor to several healthcare and technology startups. He is the Co-Founder of Promaxo and currently serves as the Company’s President & Chief Executive Officer.