Samsung is currently evaluating a possible investment in California-based medical imaging start-up Exo, participating in a funding round as high as US $100 million, as reported by Bloomberg.

Samsung Invests $100M in AI Medical Imaging Startup

The round was led by Sands Capital, Bold Capital and Qubit Health Capital, with Qubit’s chairman and former Medtronic CEO Omar Ishrak expected to join Exo’s board of directors as part of the arrangements.

Exo was incorporated in 2015 and develops portable ultrasound devices that integrate AI, silicon-based hardware and mobile connectivity. The device plugs into a phone and enables clinicians to conduct real-time ultrasound scans (e.g. lung checks, echocardiograms), and share the results through a companion app instantaneously.

Exo has raised more than $320 million from investors including RA Capital Management, BlackRock, Intel, Sony, Avidity Partners, and more. The company’s last major raise was a $220 million Series C round in 2021

Based on the report, Exo is also in discussions to form a partnership with Samsung Medison, the healthcare division of Samsung focused on ultrasound and diagnostics system. A partnership could help Samsung expand into the fast-growing and lucrative AI-based imaging market, projected to top $10 billion by the end of the decade.

Samsung’s potential partnership further highlights the interest from tech giants in portable / AI healthcare diagnostics—accelerated by a need for faster and easier medical technology.