Promaxo Raises $4.17M in Funding Round Led by Huami Corporation
Promaxo continues to build momentum in bringing their patient-centric MRI to physician’s offices
OAKLAND, Calif. & CUPERTINO, Calif.–(BUSINESS WIRE)–Promaxo, Inc. (Promaxo), the medical imaging, robotics, and AI technology company, and Huami Corp. (NYSE: HMI) today announced closing an investment round of $4.17M led by Huami.
“As an industry, we are just scratching the surface of how powerful MRI is poised to become in guided interventions, and we are proud to have Huami as a strategic investor as we introduce our truly open MRI system to the masses,” said Dr. Amit Vohra, founder and CEO of Promaxo. “We are thrilled to have the financial support to help execute our vision and look forward to providing the best healthcare possible to our patients and clinical partners.”
The trailblazing medical technology company plans to use the funds to accelerate its data strategy as it continues to incorporate artificial intelligence in imaging and image-based interventions. Promaxo’s patient-centric approach will provide patients with cutting-edge technology as it works to expand the frontiers of knowledge in the fields of medical imaging, robotics, and artificial intelligence.
“Huami’s mission is to connect health with technology, and we see tremendous opportunity in imaging to expand our growth opportunities. Companies such as Promaxo are disrupting the locations, applications and costs of medical imaging. Huami has resources, such as miniaturization engineering expertise, that can help accelerate Promaxo’s scaling, growth and success, and we look forward to what our partnership can develop,” said Huami Chief Operating Officer Mike Yeung.
Promaxo and Huami will continue to explore a partnership for the application of artificial intelligence, product integration opportunities, and commercialization, making them a natural fit to serve as strategic partners.
About Promaxo, Inc.
Promaxo was founded by a team of entrepreneurs and healthcare innovators to develop a minimally-invasive and patient-centric MRI and robotic platform. Based in Oakland, California, and backed by over 60 patents, the company’s mission is to improve lives through state-of-the-art medical imaging, robotics and AI capabilities. With a compact and adaptable MRI, Promaxo is redefining the standard of care by improving the quality and speed of patient screening and interventions. The Company has formed numerous long-term and strategic partnerships with investor groups as it prepares to enter the US market.
About Huami Corporation
Huami’s mission is to connect health with technology. Since its inception in 2013, Huami has developed a platform of proprietary technology including AI chips, biometric sensors, and data algorithms, which drive a broadening line of smart health products for consumers, and analytics services for industry. In 2019, Huami shipped 36.6 million units of smart watches and fitness bands, including its own Amazfit brand, and products developed and manufactured for Xiaomi, comprising 23% of global category shipments. Huami Corporation is based in Hefei, China, with U.S. operations, Huami-USA, based in Cupertino, Calif.
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