Promaxo, an Oakland, California-based medical imaging company, has announced the initial close of its Series C financing round with participation from New Science Ventures and Amara Ventures. The company also confirmed the successful closing of a US$100 million credit facility. The combined growth capital will support expanded manufacturing capacity, backlog reduction, and new regulatory filings.
Capital Structure and Use of Proceeds
The initial equity close includes backing from New Science Ventures, a venture capital firm with offices in Connecticut and London, and Amara Ventures, a UAE-based investor. Promaxo did not disclose the specific equity amount raised during this first close of the Series C round. The financing combines dilutive equity with non-dilutive debt, which the company said helps fund value-creating priorities while limiting shareholder dilution.
The US$100 million credit facility provides substantial non-dilutive capital to strengthen Promaxo's balance sheet and operational capacity. New resources are earmarked for expanding manufacturing, reducing existing order backlog, and advancing additional regulatory submissions. The company is also pursuing FDA clearance for its robotic platform and an AI-based cancer risk-scoring tool to enhance precision and predictability of prostate interventions.
Regulatory and Market Momentum
Promaxo's announcement follows new dedicated prostate biopsy reimbursement codes from the Centers for Medicare & Medicaid Services, which highlight the patient care benefits of minimally invasive biopsy and treatment pathways. The company's portable MRI system is the first in the United States to receive FDA 510(k) clearance for prostate biopsy and treatment across a broad range of healthcare settings. These developments strengthen the commercial environment for Promaxo's platform.
According to the National Cancer Institute, around 3.3 million men currently live with prostate cancer in the United States, with an estimated 333,830 new cases and 36,320 deaths projected for 2026. Over two million prostate biopsies are performed annually, and the total US prostate screening, biopsy, and treatment market is valued at about US$10 billion. Promaxo is seeking to expand into adjacent indications such as female pelvic, kidney, breast, and colorectal cancers.
Executive Commentary
Somu Subramaniam, Founder and Managing Partner of New Science Ventures, said the investment supports Promaxo's next phase of growth and commercialization. He described the company's approach as combining innovative MRI technology, data-driven robotics, and advanced AI tools to transform precision oncological procedures. "Promaxo's differentiated approach to image-guided interventions has the potential to reshape the procedural care paradigm," Subramaniam said.
Dr. Amit Vohra, Founder and CEO of Promaxo, called the financing a vote of confidence in the company's execution and in the markets it serves. He noted that combining credit with equity lets Promaxo invest in value creation priorities while limiting dilution for shareholders. The participation from investors based in the United States and the United Arab Emirates reflects growing international support for the platform.
Company Outlook
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, the company is backed by more than 250 patents and focuses on improving the quality and speed of patient diagnosis and interventions. Its compact and adaptable MRI system is designed to redefine the standard of care across multiple procedural settings.
The new capital positions Promaxo to scale its operations while pursuing broader regulatory clearances and clinical applications. The company's platform combines point-of-care image-guided interventions with artificial intelligence and robotics. With favorable reimbursement changes and a large addressable market, Promaxo aims to advance its minimally invasive approach across urology and other oncology specialties.
Promaxo's dual financing strategy underscores growing investor confidence in portable imaging, robotics, and AI-driven procedural care. The combined equity and credit facility provide the company with a flexible capital base to reduce backlog, expand manufacturing, and accelerate regulatory milestones. With a large prostate cancer market and potential expansion into adjacent indications, Promaxo is positioned to extend its impact across precision oncology.