The global medical imaging market was valued at a hit more than $28 billion by 2021, and is only expected to rise with an increase in demand for early detection and lifestyle services and age-related conditions. But as the demand for radiology services increases, the number of available radiographers decreases. In the US, nearly half of radiographers are approaching retirement age and fewer residents are queuing up to fill their future job openings. The situation in the UK is also critical, with a shortage of 1,670 radiologists reported in the 2021 Census of the Royal College of Radiologists, and no improvement in sight. It is an area not only ripe for improvement, but where the problem is urgent. It is against that background OXOS Medical just raised $23 million in Series A funding with the intent to deliver a “radiology department in a box.”
“X-ray is the primary medical imaging modality and is used at the start or end of more than 70% of health interventions, yet 80% of the world’s population does not have access to imaging,” explained Evan Ruff, CEO and co-founder of OXOS . Clearly, a lack of supply can negatively impact health care for millions of people, and OXOS believes it can help alleviate that. “We are committed to bringing safe, powerful and simple X-ray technology to urgent care centers, sports teams, home care and international mission operations, where real-time diagnosis is critical to saving lives.”
This $23 million Series A funding came from Parkway venture capital And Intel Capital, bringing OXOS Medical’s total funding to $45 million. It also saw Gregg Hill, co-founder and managing partner of Parkway Venture Capital, and Eric King, investment director of Intel Capital, join OXOS’ board of directors to help accelerate the company’s growth. Ruff explained how this funding will be used to scale OXOS and continue its technological advantages.
“This fundraiser was all about getting OXOS ready for scalability,” says Ruff. “As a small company, there are certain things we just can’t do. This money enables a number of new initiatives, from cost-cutting activities to product development, advanced research and other initiatives. Our goal is that anyone, anywhere, can unbox an OXOS device and immediately have a complete radiography solution available.”
While OXOS is eager to continue providing devices in traditional markets, it also recognizes that its technology is suitable for use in a wide variety of medical and non-medical environments.
“OXOS devices use 80% less radiation than existing devices, expanding the possibilities in radiography,” says Ruff. “OXOS’s smart and secure technology addresses the growing needs of orthopedic and radiographic professionals across all care scenarios, expanding access far beyond established industries. We see tremendous appeal for emergency care, professional sports and family practices, as well as other non-medical applications.”
OXOS claims its devices are the only ones 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. Together with their low radiation profiles and the ability to provide imaging from a small form factor, which can be viewed by physicians anywhere on any device through the OXOS Cloud Platform, OXOS believes it can make X-rays more accessible.
If the short-term goals focus on scaling, volume and push into other industries, what about the long-term future for OXOS?
“Each year the US spends more than $50 billion on radiography. Another $75 to $100 billion will be spent worldwide. OXOS technology provides a secure, point-and-click, end-to-end solution for each of these use cases,” said Ruff, demonstrating the size of the company’s market and how it is possible to to have a positive impact on healthcare. “As our volumes grow and the number of OXOS devices deployed increases, the OXOS platform will be a tremendous resource for researchers and diagnostic innovators to build upon, automate radiographic diagnostics and make healthcare more affordable.”
“As we execute on our goals, OXOS will grow into an independent, public company,” says Ruff.