US-based medical device start-up Exo has raised $40m in a Series B extension funding to support the development of its hand-held ultrasound device.

The round was led by Magnetar Capital affiliates Fiscus Ventures and Reimagined Ventures together with Action Potential Venture Capital. Solasta Ventures, TDK Ventures, and all existing investors, including Intel Capital and Applied Ventures also participated in the round.

In addition to funding the development of its ultrasound product, Exo intends to use the proceeds from the round to roll out its data and workflow apps to the market.

The company’s handheld ultrasound device uses patented piezoelectric micromachined ultrasound transducer technology.

Exo is pairing the device with workflow apps to provide hospitals and clinics with enhanced software that will boost imaging capabilities.

Exo CEO Sandeep Akkaraju said: “Emergency room physicians around the world are often tasked with solving some of the most urgent healthcare problems – Covid-19 diagnosis and complications, cardiac emergencies, internal bleeding – without being able to see clearly into a patient they only have minutes to diagnose and treat.

“Exo plans to give these critical frontline heroes the device they need – one that immediately opens up a window into everybody and enables them to make speedy, accurate and often life-saving medical decisions on the spot.”

According to reports, the latest funding brings the total capital raised by the company to nearly $100m. Last year, the company secured $35m through its initial Series B funding.

In a separate development, ophthalmic medical device company LensGen has reported the initial closing of the $10m bridge financing.

The financing is part of the company’s upcoming Series B round that will support its efforts for the approval of Juvene intraocular lens (IOL) pivotal Food and Drug Administration (FDA) study.

Juvene is a disruptive fluid-optic IOL for the treatment of cataract and presbyopia diseases.