Co-led by Parkway Venture Capital and Intel Capital, OXOS will leverage funds to expand into clinical, mobile, and home care settings across mature and emerging markets.
Atlanta, GA, April 5, 2023 – OXOS Medical®, the MedTech innovator developing simple and safe X-ray solutions, announced a $23 million Series A funding from Parkway Venture Capital and Intel Capital, bringing its total funding to $45 million. OXOS will use the funding to accelerate product innovation and expand availability globally. OXOS continues to build on its traction across outpatient clinics, the military, the Veterans Administration, sports teams, hospitals, imaging centers, and bioskills labs. To help accelerate the company’s growth, Gregg Hill, Parkway Venture Capital co-founder and managing partner, and Eric King, Intel Capital investment director, will join the OXOS board of directors.
“At OXOS, we have made it our mission to close the growing healthcare divide – the inaccessibility of radiographic technology is impairing patient outcomes in every corner of the globe,” shared Evan Ruff, co-founder and CEO of OXOS. “OXOS’ smart and safe technology addresses the growing needs of orthopedic and radiographic professionals across all care scenarios, expanding access well beyond established sectors. We aim to put safe, powerful, and simple X-ray technology in the hands of urgent care centers, sports teams, home care, and international mission operations, where a real-time diagnosis is critical to saving human lives.”
With over $47 billion spent annually on medical imaging by 2030, OXOS is uniquely positioned to capture a significant portion of this growing market. OXOS technology overcomes the significant challenges associated with expensive and complex X-ray technologies while addressing the increasing global shortage of radiology resources.
Growing Shortage of Radiology Resources Across the Globe
The demand for radiology services has steadily risen since 2013. Nearly half of the radiologists in the U.S. are of retirement age, and fewer residents are waiting to fill these soon-to-be-vacant positions, leaving the 2025 projected shortage in the tens of thousands. The staffing shortage is even more acute among radiation technologists. In the U.K., 97% of radiology departments cannot meet diagnostic reporting requirements, leaving patients waiting a month or more for their imaging results. OXOS addresses this hospital-driven bottleneck by deploying technology that can be used in diverse environments by users with varying levels of training.
OXOS Smart and Safe Radiation Technology
Traditional radiology solutions are well known for their limitations in image quality and high radiation exposure. With an incredibly low radiation profile, OXOS devices change the status quo, providing exceptional image sharpness and clarity in the smallest form factor, making X-ray more accessible.
OXOS combines advanced image processing, computer vision, X-ray detector improvements, easy ergonomics, and innovative X-ray tube architecture to deliver safer devices, while significantly reducing radiation exposure. OXOS developed the only devices on the market that can provide both static images (digital radiography) and live imaging (dynamic digital radiography), for both diagnostic and surgical radiography, in any setting.
OXOS devices connect directly to the OXOS Cloud Platform, allowing physicians to instantly access radiographic studies from anywhere on any device. The platform redefines expectations for seamless care and delivers improved access and efficiency for patients and providers. Fully HIPAA-compliant, the OXOS cloud platform seamlessly integrates with existing radiology infrastructure or can leverage OXOS’ nationwide teleradiology service to provide study interpretation in a fraction of the time.
“We are beyond thrilled to be co-leading the OXOS Series A. We believe OXOS will have the same transformational impact on radiology as the iPhone had on mobile computing,” shared Gregg Hill, Parkway Venture Capital managing partner. “Their unique 3D imaging technology, coupled with Computer Vision and Artificial Intelligence, makes OXOS devices easy to use. OXOS automatically selects appropriate doses, minimizing reshoots and reducing radiation overexposure. Combined with its maximum portability and wireless connectivity, OXOS is the future of radiology across all care scenarios.”
“Intel Capital is excited to support OXOS,” says Arun Chetty, Managing Director, Intel Capital. “By combining OXOS’ advanced technology stack with Intel’s worldwide manufacturing and engineering expertise, OXOS can accelerate innovation in X-ray imaging and radiographic diagnostics.”
Founded in 2016 by Dr. Greg Kolovich, a Harvard-trained, board-certified orthopedic surgeon, and serial entrepreneur Evan Ruff, OXOS Medical launched its first FDA-approved device, the Micro C®, in 2022. The device has won many orthopedic customers, spanning the VA, urgent care facilities, NFL teams, and medical education customers. Under its Cooperative Research and Development Agreement (CRADA) with the VA, the OXOS team works closely with radiologist Dr. Beth Ripley, Deputy Chief, Office of Healthcare Innovation and Learning at the U.S. Department of Veterans Affairs. Dr. Ripley and OXOS are increasing access to radiographic care by deploying OXOS solutions to multiple care settings for U.S. veterans.
“VA Ventures is invested in exploring how we can move care outside of the hospital walls,” says Dr. Ripley. “Our goal is to shift care from urban centers to VA’s 1,074 community-based outpatient centers (CBOCs), providing the soonest and best care to Veterans. OXOS and the VA are testing the feasibility of providing radiologic diagnostics at the point of care. We are excited to continue down this pathway as the next step in the evolution of care delivery here in VHA.”
The company has supported many medical mission trips to Central America and Africa, including missions with USAID and the Luke Commission, with Dr. Vipul Patel and the Helping Hands Charity in Guatemala; and with professor Steven Grindel, MD, Medical College of Wisconsin, for two medical missions to Guatemala.
About OXOS Medical
OXOS® Medical is driving innovation in delivering and distributing medical imaging and radiographic diagnostics. With a low radiation profile, the OXOS smart devices provide outstanding image sharpness and clarity in the smallest form factor, making X-ray available anywhere it is needed. The cloud-based OXOS® Platform offers growing capabilities for on-demand image management, telehealth collaboration, and delivery of AI diagnostics. Micro C®, the first handheld Dynamic Digital Radiographic X-ray system from OXOS Medical, is faster, safer, and smarter than conventional X-ray solutions and has received U.S. Food and Drug Administration 510(K) clearance for radiographic imaging and DDR of the distal extremity in adults and children. Funded by Parkway Venture Capital and Intel Capital, OXOS devices are already used across outpatient clinics, the military and the VA, sports facilities and teams, hospitals, imaging centers, and bioskills labs.
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