Funding
Promaxo Closes Series C Round With New Science Ventures and a $100 Million Credit Facility
By News Desk ·
Key takeaways
- Promaxo announced the initial close of its Series C round with New Science Ventures and Amara Ventures, and did not disclose the equity amount raised.
- The company also closed a $100 million credit facility, combining dilutive equity with non-dilutive debt.
- The capital is earmarked for manufacturing expansion, backlog reduction, and regulatory submissions including FDA clearance for a robotic platform and an AI cancer risk-scoring tool.
- Promaxo's portable MRI system was the first in the United States to receive FDA 510(k) clearance for prostate biopsy and treatment across a broad range of healthcare settings.
Promaxo, an Oakland, California-based medical imaging company, announced the initial close of its Series C financing round with participation from New Science Ventures and Amara Ventures, and confirmed the closing of a $100 million credit facility. Startup Researcher reported the financing. Promaxo did not disclose the specific equity amount raised during the first close.
Promaxo's Series C and Credit Facility
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. The financing combines dilutive equity with non-dilutive debt, which the company said helps fund value-creating priorities while limiting shareholder dilution. The $100 million credit facility provides 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. Promaxo is pursuing FDA clearance for its robotic platform and an AI-based cancer risk-scoring tool for prostate interventions. The announcement follows new dedicated prostate biopsy reimbursement codes from the Centers for Medicare & Medicaid Services. Promaxo'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.
Somu Subramaniam, Founder and Managing Partner of New Science Ventures, said the investment supports Promaxo's next phase of growth and commercialization. "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.
Promaxo's Funding History on Record
According to akta.pro company records, Promaxo has nine funding rounds on record and total funding of $129.2 million, with a stage of Series B and a last round dated March 30, 2026. The same records list a March 2026 funding round of $26.8 million, a June 2024 round of $41.9 million with three investors, an April 2024 round of $31.6 million with one investor, and an October 2023 undisclosed round with two investors.
| Date | Round | Amount |
|---|---|---|
| 2026-03 | Series unknown | $26.8 million |
| 2024-06 | Series unknown | $41.9 million |
| 2024-04 | Series unknown | $31.6 million |
| 2023-10 | Undisclosed | Not disclosed |
Promaxo's Regulatory Filings Ahead
Promaxo is pursuing FDA clearance for its robotic platform and an AI-based cancer risk-scoring tool. The company is seeking to expand into adjacent indications such as female pelvic, kidney, breast, and colorectal cancers. Promaxo was founded in 2016 and is backed by more than 250 patents.