Promaxo lands $100M credit facility and Series C for MRI prostate platform
What's the deal? Promaxo, an Oakland-based medical technology company, has closed the initial tranche of its Series C financing alongside a $100 million credit facility. New Science VenturesDealroom has a profile for this one. Try Dealroom → and Amara VenturesDealroom has a profile for this one. Try Dealroom → backed the equity round. The company has not disclosed the Series C amount or the facility's terms.
What does it build? Promaxo makes a portable MRI system paired with AI and robotics for image-guided prostate procedures. It says the device is the first in the US to receive FDA 510(k) clearance for prostate biopsy and treatment across a broad range of care settings.
Where's the money going? The capital will fund expanded manufacturing capacity, backlog reduction, and new regulatory filings. Promaxo is pursuing FDA clearance for its robotic platform and an AI-based cancer risk-scoring tool. It has raised $129 million across eight rounds to date.
Why now? New dedicated prostate-biopsy reimbursement codes from the Centers for Medicare & Medicaid Services take effect in 2026, a potential tailwind for Promaxo's minimally invasive pathways. Coverage, however, still depends on payer and practice circumstances.
Why the structure? Combining debt and equity gives Promaxo both dilutive and non-dilutive funding. "Combining credit with equity lets us invest in value creation priorities while limiting dilution for our shareholders," said founder and chief executive officer Dr. Amit Vohra.
The market. The National Cancer Institute projects 333,830 new US prostate cancer cases in 2026. Over two million biopsies are performed annually, and the US prostate screening, biopsy, and treatment market is valued at about $10 billion.
The signal: The financing shows ambition to scale in a crowded field — Singapore's Biobot Surgical raised US$14.7M in June for a competing platform. But with the round size undisclosed, execution on backlog and reimbursement will matter more than the headline facility.
Read more: Business Insider
Image credit: Generated with Gemini
