Zynext Ventures invests in Promaxo’s innovative MRI and robotic technologies
Zynext Ventures USA LLC, the venture capital arm of Zydus Lifesciences, has made a significant investment in Promaxo Inc., a leading developer of portable low-field MRI systems and minimally invasive robotics based in the U.S. This strategic partnership aims to advance healthcare innovation, particularly in the field of prostate cancer diagnosis and treatment.
Promaxo’s groundbreaking portable MRI system, the first of its kind in the USA to receive FDA 510(k) clearance specifically for prostate biopsy and treatment, represents a major leap forward in medical technology. Unlike traditional MRI systems, the Promaxo MRI is compact and designed to be used directly in clinical settings, including operating rooms. This accessibility allows for earlier diagnosis and treatment, significantly enhancing patient care.
Dr. Sharvil Patel, Managing Director of Zydus Lifesciences Ltd., emphasized the alignment of this investment with Zydus’ mission to support innovative solutions that address critical medical needs. “Promaxo’s combination of accessible MRI technology and robotics for guided interventions has the potential to significantly improve patient outcomes,” said Dr. Patel. This technology not only broadens access to vital care but also promises to enhance the precision of medical procedures.
Dr. Amit Vohra, Founder and CEO of Promaxo, shared his enthusiasm about the collaboration: “We are thrilled to partner with Zynext Ventures and leverage their extensive expertise in the healthcare sector. This investment will accelerate our mission to enhance quality of care and patients’ lives through customer-centric technology.” Promaxo is not only pioneering in prostate care but is also exploring potential applications in other medical areas such as female pelvic, kidney, breast, and orthopedic treatments.
According to the National Cancer Institute, there are about 3.3 million men living with prostate cancer in the U.S., and approximately one million prostate biopsies are performed annually. With the prostate biopsy and treatment market valued at around $3 billion in the U.S., Promaxo’s innovative solutions are poised to make a significant impact.
The investment by Zynext Ventures in Promaxo underscores a significant shift towards more personalized and precise medical technologies. As the market for portable diagnostic and treatment solutions expands, this partnership is expected to set new standards in the healthcare industry, ultimately leading to better patient outcomes and more efficient medical practices.