Medical Robotics Startup Vexev Secures $8.6M
Synopsis
The UNSW spinout is accelerating US regulatory approval and commercial rollout of its VxWave tomographic ultrasound technology after lifting total funding to $27 million.
Sydney-based medical robotics start-up Vexev has raised a $8.6m funding round, to fast-track its U.S. regulatory approval and commercialization of its VxWave ultrasound platform.
Blackbird Ventures is among the investors that have backed Vexev in the past. It is a privately held firm, and therefore does not publicise revenue or profit figures.
With the new funding, Vexev's total raised capital increases to $27 million and will be used for expanding its manufacturing capabilities and development of its products along with getting approval from the regulators.
Vexev was established in 2018 as a spinout of the University of New South Wales (UNSW), where they're developing automated vascular imaging robotic ultrasound systems for dialysis patients.
It specialises in technology that lets healthcare workers carry out vascular scans with minimal need to rely on specialist sonographers.
Clinical Progress Supports Expansion
The funding follows results from Vexev's CANSCAN clinical study, conducted at three dialysis centres in San Antonio, Texas. In the trial, 115 patients with advanced kidney disease were recruited and the scan completion rate was 94% and the data adequacy was 100% with scans being performed by existing dialysis clinic staff.
The company also enrolled 120 patients in a larger feasibility study with the U.S. Renal Care, a leading dialysis provider in the U.S. The studies are part of the company's clinical evidence that it intends to use for its regulatory pathway in the United States.
Medical Imaging Market Continues to Grow
The new round of funding for Vexev is the latest contribution in a steady stream of investment for medical imaging around the world. Fortune Business Insights projects that the medical imaging market is expected to grow from US$41.63 billion in 2024 to US$67.15 billion by 2032, marking a compound annual growth rate (CAGR) of 6.2%.
North America continues to be the largest market for medical imaging technologies because of the high healthcare costs and existing diagnostic infrastructure. Europe is the second largest regional market, and the Asia-Pacific market is projected to experience the highest growth rate, as a result of higher investments in healthcare in Australia, China, India, Japan, and South Korea.
Source: Capital Brief
Pooja Malik is a business journalist with over six years of experience covering startups, entrepreneurship, and emerging trends. She has previously worked with leading media platforms such as YourStory Media and BW BusinessWorld, where she reported on business, policy, and market developments. Currently, she serves as Editor at The Inspirepreneur Magazine, where she writes and edits stories across business, lifestyle, and travel, with a focus on clarity, accuracy, and reader relevance.
