The global medical imaging market was valued at a touch over $28 billion in 2021, and is only expected to rise with an increase in demand for early-detection services as well as lifestyle and age-related conditions. Yet at the same time as demand for radiology services is increasing, the number of available radiographers is decreasing. In the U.S., almost half of radiographers are approaching retirement age and there are fewer residents lining up to fill their soon-to-be vacancies. The situation in the U.K. is similarly critical, with a shortfall of 1,670 radiologists reported in the 2021 Royal College of Radiologists census, and no improvement in sight. It’s an area that’s not just ripe for improvement, but where the problem is urgent. It’s against that backdrop that OXOS Medical just raised $23 million in Series A funding with the intention of delivering a “radiology department in a box.”
“X-ray is the primary medical imaging modality, used at the beginning or end of over 70% of health interventions, but 80% of the world lacks access to imaging,” explains OXOS’ CEO and co-founder, Evan Ruff. Clearly, a lack of supply has the potential to negatively impact healthcare provision for millions of people, and OXOS believes it can help to alleviate that. “We aim to put safe, powerful and simple X-ray technology in the hands of urgent care centers, sports teams, home care and international mission operations, where a real-time diagnosis is critical to saving human lives.”
This $23 million Series A funding was from Parkway Venture Capital and Intel Capital, and brings OXOS Medical’s total funding to $45 million. It also saw Gregg Hill, Parkway Venture Capital co-founder and managing partner, and Eric King, Intel Capital investment director, join the OXOS board of directors to help accelerate the company’s growth. Ruff explained how this funding will be used to help scale up OXOS, as well as push on with its technological advantages.
“This fundraise was all about setting OXOS up for scale,” says Ruff. “As a small company, there are certain things that we just can’t do. This money unlocks a number of new initiatives, everything from cost reduction activities, to product development, to advanced research, and other initiatives. Our goal is for anyone, anywhere, to be able to unpack an OXOS device and have a complete radiography solution available immediately.”
While OXOS is keen to continue to supply devices in traditional markets, it also recognizes that its technology is suited for use in a wide variety of medical and non-medical settings.
“OXOS devices use 80% less radiation than existing devices, shifting the envelope of what’s possible in radiography,” says Ruff. “OXOS’ smart and safe technology addresses the growing needs of orthopedic and radiographic professionals across all care scenarios, expanding access well beyond established sectors. We’re seeing massive pull into urgent care, professional sports and family practices, as well as other non-medical applications.”
OXOS claims that 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 is viewable by medical practitioners anywhere on any device via the OXOS Cloud Platform, OXOS believes it can make X-rays more accessible.
If the short-term goals focus on scaling, volume and pushing into other sectors, what about the long-term future for OXOS?
“Every year, the U.S. spends over $50 billion on radiography. There is another $75 to $100 billion spent worldwide. OXOS technology provides a safe, point-and-click, end-to-end solution for every one of those use cases,” says Ruff, showing how big a market is available to it, and how it’s possible to make a positive impact on healthcare. “As our volumes increase and the number of deployed OXOS devices increases, the OXOS platform will be a huge resource for researchers and diagnostic innovators to build on, automating radiographic diagnostics and making healthcare cheaper.”
“As we execute on our goals, OXOS will grow into an independent, public company,” says Ruff.