Promaxo Secures $100M in Debt to Expand MRI Platform
Promaxo secured $100M in debt and new equity capital to expand its MRI-guided cancer platform, focusing on prostate care.
The big picture: Promaxo has completed the initial close of its Series C financing, adding new equity capital from New Science Ventures and Amara Ventures, while also securing a $100 million credit facility. The Oakland, Calif.-based medical technology company will use the combined package to support manufacturing expansion, reduce order backlog, and fund additional regulatory submissions for its portable MRI system.
Why it matters:
- Prostate cancer burden: Approximately 3.3 million men in the U.S. live with prostate cancer, with over 330,000 new cases projected for 2026, driving substantial demand for improved diagnostics and treatment.
- Market opportunity: The U.S. market for prostate screening, biopsy, and treatment is estimated at roughly $10 billion, presenting a significant growth area for Promaxo’s technology.
- Point-of-care advantage: Promaxo’s FDA-cleared portable MRI system enables office-based prostate procedures under MRI guidance, shifting care from hospitals to more accessible outpatient environments.
How it works:
- Portable MRI system: Promaxo’s core platform is a portable MRI system designed for point-of-care, image-guided interventions.
- Regulatory clearance: The device was the first in the U.S. to receive FDA 510(k) clearance for prostate biopsy and treatment across a wide range of care settings, including office-based procedures.
- Future expansion: The company is pursuing additional regulatory clearances for a robotic platform and an AI-based cancer risk-scoring tool to improve precision and predictability in prostate interventions and broaden the imaging system’s utility.
The catch: The medical imaging and cancer diagnostics market is highly competitive, with established players and emerging technologies vying for market share. Promaxo’s expansion into adjacent applications like female pelvic, kidney, breast, and colorectal cancers will require navigating additional regulatory hurdles and significant market penetration efforts against entrenched competitors.
Key Facts
- Company: Promaxo
- Amount: $100M
- Round: Debt Financing
- Investor: New Science Ventures and Amara Ventures (co-lead)
- Founder: Amit Vohra
- Sector: MRI-guided Cancer Interventions
- Headquarters: Oakland, California, US
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