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Hyperfine Raises $90 Million in Oversubscribed Series D Financing

Guilford, CT, February 10, 2021 (GLOBE NEWSWIRE) — Hyperfine Research has closed an oversubscribed $90 Million Series D financing round, with support from investors including GV (formerly Google Ventures), Nextrans (KClavis-Nextrans), Axiom Associates, Huami, Colle Capital, LSS, and Altium Capital.

The funds will be used to aggressively scale-up commercial expansion of the company’s category-defining Swoop™ portable MR imaging platform in the US and will immediately accelerate the company’s plans for multiple country launches.  In addition, the funds will advance progress on new regulatory clearances, fast-track continued AI and deep learning developments in image accessibility, and expand the company’s ability to work with pioneering physicians to identify use cases that were never before thought possible.

“Our mission is simple: democratize healthcare for all patients, everywhere,” commented company founder Dr. Jonathan Rothberg.  “We refuse to accept barriers to accessible, equitable care, and we intend to make the previously impossible both possible and affordable by delivering MR imaging to the patient, wherever that patient is.” 

“Investing in a company is the hallmark of confidence, and we are very appreciative that so many highly-respected organizations have responded so enthusiastically to the market need for portable MR imaging we have ignited,” commented Chief Medical Officer Dr. Khan Siddiqui.  “With the support from all of our investors, we will change the way the world delivers care to patients – affordably, anywhere, any time.”

ABOUT MR IMAGING and the Swoop™ Portable MRI System

Magnetic Resonance Imaging (MRI) uses a magnetic field, radio waves, and a computer to produce detailed pictures of the body’s internal structures that are clearer, more detailed, and more likely in some instances to identify and accurately characterize disease than other imaging methods. However, fixed MRI systems can be inconvenient and inaccessible for providers and patients, particularly when time is critical. Transport to the MR suite demands complicated scheduling coordination, moving patients, and, often, 4- to 6-hour patient backlogs — all of which compromise the utility of MRI as a diagnostic tool in time-sensitive settings, such as intensive care units and emergency rooms. Furthermore, high capital investments, electrical power needs, and significant maintenance requirements present barriers to adoption across all populations, acutely so for developing countries and rural geographies.

Hyperfine’s Swoop™ Portable MR Imaging System is designed to address the limitations of current imaging technologies and make MRI accessible anytime, anywhere, to any patient. Swoop™ wheels directly to the patient’s bedside, plugs into a standard electrical wall outlet, and is controlled by an Apple iPad®.  Designed as a complementary system to traditional MRIs at a fraction of the cost, images that display the internal structure of the head are captured by Swoop™ at the patient’s bedside, with results in minutes, enabling critical decision-making capabilities across a variety of clinical settings.

https://www.globenewswire.com/news-release/2021/02/10/2173341/0/en/Hyperfine-Raises-90-Million-in-Oversubscribed-Series-D-Financing.html

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