Exo Imaging Inc., a company pioneering a high-performance ultrasound platform based on patented Piezoelectric Micromachined Ultrasonic Transducers technology and artificial intelligence for imaging and therapeutic applications, announced a $35 million Series B financing round. The company was founded in 2015 and has raised nearly $50M to date. Intel Capital led the Series B. The company is developing an affordable medical ultrasound platform capable of exceptional image fidelity, penetration depth and 3D imaging that still fits in the palm of your hand. “For too long, medical imaging products have been expensive, cumbersome to use and have catered to a small segment of users. Our mission is to fundamentally change the economics, usability and accessibility of high-quality medical imaging and therapeutic tools,” said Sandeep Akkaraju, CEO and president at Exo. The Exo ultrasound platform combines advances in nano-materials, novel sensor technologies, advanced signal processing and computation with the economies of scale of semiconductor manufacturing to dramatically reduce the cost of imaging. “Our goal is to enable every medical practitioner in the world with affordable and easy to use tools that make imaging accessible,” the Indian American executive added. “Our Series B financing will enable us to advance our products through the FDA 510K clearance process and into commercialization. Exo will also use the proceeds to build out its team of engineering, sales, and operations professionals.”
Cloudleaf Announces $26 Million Series B Funding
Cloudleaf Inc., a digital supply chain solutions firm, has secured $26 million in Series B funding to drive market expansion of its Supply Chain Digital Visibility Platform, which brings unprecedented visibility, efficiency and responsiveness to supply chains in any industry. The round was led by Intel Capital and WRVI Capital. Cloudleaf will utilize the capital to power the rapid expansion of its addressable markets, geographic footprint and enterprise customer base. The company is serving increasing numbers of global leaders in pharmaceutical & life sciences, food & beverage, advanced manufacturing and other industries. “We are extremely gratified that some of the industry’s most esteemed investors are helping Cloudleaf convert our technology leadership into market leadership,” said Cloudleaf CEO Mahesh Veerina. “Cloudleaf’s goal is to establish nothing less than a new industry standard for actionable visibility in a broad spectrum of enterprise supply chains.” Cloudleaf’s Digital Visibility Platform is a powerful combination of IoT, AI/ML and advanced analytics that delivers comprehensive, real-time, end-to-end insights into supply chain operations -- from suppliers, through production and distribution, to customers. Cloudleaf customers achieve improvements in supply chain visibility of as much as 5 times; first-year return-on-investment of as much as 70 times; and annualized value in the tens of millions of dollars. The Index is described in a White Paper issued recently by Cloudleaf. “Cloudleaf’s Digital Visibility Platform targets an extreme pain point for thousands of enterprises challenged by the need to manage significant asset and product flows. We are excited to partner with such a high-impact innovator of enterprise digitization,” said Sriram Viswanathan, Managing Partner of WRVI Capital.
India’s Mahindra Considers Second US Plant in Michigan
Indian automaker Mahindra and Mahindra Ltd. said it plans to open a plant in Flint, Michigan, to make vehicles including mail delivery trucks for the U.S. market, a move that could create up to 2,000 jobs. Mahindra already produces its off-road Roxor vehicle at its manufacturing facility in Auburn Hills, Michigan, which is at full capacity. “A significant facility expansion is envisioned to support manufacturing and assembly of new products for the U.S. market,” Mahindra said in a statement. Production of the company’s mail delivery trucks is dependent on Mahindra winning the United States Postal Service’s ‘next generation delivery vehicle’ contract, which will be announced later this year and has four other contenders, the company said. Mahindra said it is also in talks with several other states that have suitable sites, and its decision could be influenced in part by the financial incentives that Michigan will provide. “While we’re keeping our options open, we think the former Buick City site in Flint would be a great fit for us,” Rick Haas, chief executive officer of Mahindra Automotive North America, said in a statement. “It’s close to our current facility, which improves overall enterprise efficiency.”
Reliance Industries Set to Bring Tiffany Stores to India
India's Reliance Industries Ltd. is partnering with iconic U.S.-based luxury jeweler Tiffany & Co. to open a line of stores in the country, adding yet another marquee name to its growing portfolio of brands. Tiffany, popular for its engagement rings and robin's egg blue boxes, plans to open stores in New Delhi and Mumbai in the second half of fiscal years 2019 and 2020 respectively, the company said, adding that India's "growing luxury consumer base presents a unique opportunity." The tie-up comes as Reliance, which is run by Asia's richest man Mukesh Ambani and runs a sprawling conglomerate, bolsters its consumer-focused units such as retail and telecoms to match the strength of its dominant oil and gas business. The company bought British toy retailer Hamleys earlier this year. For Tiffany, known for its diamond engagement rings and a flagship Manhattan store made famous by Audrey Hepburn, the deal represents its latest effort to expand globally as it battles subdued demand in the United States and Europe.
By GIOVANNI ALBANESE Jr., India-West Staff Reporter