The financing will be used to develop and commercialise Promaxo’s in-office MRI system
Promaxo, a medical imaging, robotics, and AI technology company has announced an additional $1.4 million in strategic financing from Som Tech, a family office led by Krishna Bhupal, investor in the advanced AI enabled fintech and life-sciences spaces globally.
Bhupal said, “MR guided diagnosis and treatment have been handicapped by known limitations of traditional MRI systems. In developing and commercialising 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.”
Dr. Amit Vohra, Founder, and CEO, Promaxo said, “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.”