OAKLAND, Calif., April 07, 2022 (GLOBE NEWSWIRE) -- Promaxo, Inc. (“Promaxo” or the “Company”), a medical imaging, robotics, and AI technology company, today announced an additional $1.4 million in strategic financing from Som Tech Pty Ltd, a family office led by Krishna Bhupal. Mr. Bhupal is a well-regarded Investor in the advanced AI enabled fintech and life-sciences spaces globally. He is also a Director of GVK Power & Infrastructure Limited, a leading Indian conglomerate with interests across energy, resources and hospitality.
Mr. Bhupal said, “MR guided diagnosis and treatment have been handicapped by known limitations of traditional MRI systems. In developing and commercializing its in-office MRI system, we are pleased to provide strategic financing and support to Promaxo, as it is addressing a large, unmet need in office-based patient care. On favorable physician feedback and demand, we look forward to Promaxo’s progress as it drives market penetration of its system, advancing cancer diagnosis and treatment.”
“The clinical community has received our Promaxo system with enthusiasm, as it enables safe and effective point of care diagnostic biopsies, with an open architecture facilitating treatment of cancers using various technology platforms, overcoming limitations of traditional MRIs. With a $3 billion market for prostate cancer alone, we have a long runway ahead of us,” said Dr. Amit Vohra, Founder, and CEO of Promaxo.
About Promaxo, Inc.
Promaxo was founded by a team of entrepreneurs and healthcare innovators to develop a minimally-invasive and patient-centric MRI and robotic platform. Based in Oakland, California, and backed by over 200 patents, the Company’s mission is to improve lives through state-of-the-art medical imaging, robotics and AI capabilities. With a compact and adaptable MRI, Promaxo is redefining the standard of care by improving the quality and speed of patient diagnosis and interventions. The Company has formed numerous long-term and strategic partnerships with investor groups and corporation as it drives commercialization of the Promaxo MRI system.
To learn more about the technology behind the MRI system and its scope, please visit: Promaxo.com.
LinkedIn: Promaxo
Twitter: @Promaxo
Facebook: Promaxo
Investors
Gilmartin Group
Vivian Cervantes
e: IR@promaxo.com
