Exo confirmed on May 27, 2025 that Samsung Medison made a strategic equity investment and entered a strategic collaboration with the handheld-ultrasound company. The announcement did not disclose Samsung’s check size, Exo’s valuation, ownership percentage, total financing, or whether a financing reached the $100 million reported earlier that day.
What happened
A Bloomberg-sourced report published by TechCrunch on May 27, 2025 said Samsung’s venture-investment unit was considering participating in an Exo financing that could reach $100 million. The report identified Sands Capital, Bold Capital and Qubit Health Capital as prospective lead investors and said the parties had not commented at that point.
Later the same day, Exo announced a strategic collaboration with Samsung Medison and explicitly said the relationship included a strategic equity investment by Samsung. That changed the status from a reported possible investment to an officially acknowledged investment, but it did not confirm the size or final terms of the financing.
Confirmed versus undisclosed
| Item | What is established publicly |
|---|---|
| Samsung investment | Exo says Samsung made a strategic equity investment. |
| Operating entity | Samsung Medison, Samsung Electronics’ medical-device affiliate, is the collaboration partner. |
| Collaboration | The companies plan to co-develop advanced ultrasound solutions. |
| Reported financing target | Up to $100 million was reported as a possible round size, not a confirmed closing amount. |
| Samsung’s contribution | Not stated publicly. |
| Valuation, ownership and preferences | Not stated publicly. |
| Omar Ishrak | Qubit Health Capital chairman Omar Ishrak joined Exo’s board as chair of strategy. |
Exo’s announcement is available from the company at Exo’s newsroom; a syndicated release with additional Samsung Medison background appears on Business Wire.
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What Exo makes
Exo, also known as Exo Imaging, is a Santa Clara, California company founded in 2015. It focuses on portable point-of-care ultrasound rather than large, fixed hospital imaging systems. Its platform combines a handheld ultrasound device, silicon-based imaging technology, artificial intelligence and software for documentation and collaboration.
Exo’s public product ecosystem includes Exo Iris, SweepAI, Exo U and Exo Works, as described on Exo’s product site.
How the workflow works
- A clinician connects Exo’s handheld probe to a smartphone or similar computing device.
- The clinician acquires an ultrasound examination, such as a lung scan or echocardiography study.
- The application helps document findings and share reports through an integrated workflow.
- AI features can provide real-time indicators for specific, supported findings while the clinician remains responsible for image acquisition and interpretation.
This is a point-of-care platform intended to make selected examinations more portable and accessible. It is not a replacement for every conventional ultrasound, CT or MRI system, and a smartphone connection does not turn the product into a consumer self-diagnosis tool.
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Why Samsung Medison is a logical partner
Samsung Medison already develops and sells ultrasound diagnostic systems and other medical-imaging equipment. The announced arrangement could combine Exo’s compact hardware and software with Samsung Medison’s engineering, manufacturing, regulatory and distribution capabilities.
Potential strategic benefits
- Portfolio expansion: Samsung Medison could add a more portable, software-driven point-of-care offering alongside conventional systems.
- Artificial intelligence: Exo’s AI is integrated into ultrasound acquisition and workflow, rather than offered only as a separate analytics application.
- Hardware and semiconductor synergies: Samsung’s experience in imaging, mobile computing and high-volume hardware manufacturing may support smaller devices and embedded systems.
- International distribution: Samsung Medison’s commercial presence could help Exo reach health systems and clinicians outside the United States.
- OEM opportunities: Exo’s announcement references handheld and future OEM-integrated systems, creating a possible route to embedded or co-branded medical products.
These are strategic implications of the announced collaboration, not a published statement of Samsung’s investment thesis. No commercial product resulting from the co-development plan had been announced in the cited materials.
Regulatory and clinical reality
Exo’s newsroom lists a December 2024 launch of SweepAI for real-time ultrasound guidance and interpretation and an April 2025 announcement of additional indicators, including features related to HFpEF and cardiotoxicity. On June 18, 2025, Exo announced FDA 510(k) clearance for AI detection of pleural effusion and consolidation/atelectasis on Exo Iris. The company’s chronology is available at Exo’s newsroom, and the clearance announcement is at Exo’s FDA-clearance release.
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FDA 510(k) clearance applies to the specified device function and intended use. It is not the same as FDA approval of an autonomous diagnostic system, proof that the software detects every relevant disease, or evidence that it outperforms all competing imaging methods. Portable ultrasound still depends on trained users, adequate image acquisition, clinical validation, workflow integration, reimbursement and health-system procurement decisions.
Was there really a $100 million financing?
The careful answer is: a financing of up to $100 million was reported, but the reviewed public announcement does not establish that Exo closed a $100 million round.
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- Reported: The possible round could reach $100 million, with Sands Capital, Bold Capital and Qubit Health Capital identified as reported leads.
- Confirmed: Samsung made a strategic equity investment and Samsung Medison entered the collaboration.
- Not disclosed: The final round size, Samsung’s dollar contribution, valuation, ownership percentage, liquidation preferences and closing date.
Accordingly, it would be inaccurate to write that Samsung invested $100 million, that Samsung led the round or that Exo definitively raised $100 million. The transaction also does not indicate an acquisition; Exo described an equity investment and collaboration.
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Exo’s earlier funding
The 2025 TechCrunch report said Exo had raised more than $320 million, including a $220 million Series C in 2021. It named RA Capital Management, BlackRock, Sands Capital, Intel, Sony and Avidity Partners among the investors. That is a figure attributed to the contemporaneous report, not a newly verified total after the Samsung announcement.
Private-company databases can classify extensions, debt, secondary transactions and undisclosed financings differently. For that reason, the CB Insights profile is best treated as a cross-check rather than proof of the Samsung transaction’s size or Exo’s current cumulative funding.
What the deal means for the ultrasound market
Handheld ultrasound sits in a competitive market that includes companies such as Butterfly Network and Clarius. The commercial opportunity is broader access to imaging at the bedside, in ambulances, clinics and other settings where a full-sized system is impractical.
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However, a strategic investment does not by itself demonstrate revenue growth, clinical adoption or a successful product launch. Medical-device companies must finance regulatory work, manufacturing scale-up, clinical evidence, sales, service and reimbursement. Co-development agreements can also take years to produce a marketable product, and the announcement supplied no launch timetable.
Bottom line
The important update is no longer merely that Samsung “may” invest in Exo. Exo publicly confirmed a strategic equity investment from Samsung and a strategic collaboration with Samsung Medison. The unresolved part is the money: neither Samsung’s check size nor a completed $100 million financing has been publicly established in the cited announcements.
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