Redmond-based medical device company EchoNous has raised a $57 million Series D round.
The funding appeared in a Friday filing with the Securities and Exchange Commission and was confirmed by an EchoNous spokesperson on Wednesday, who added that Kennedy Lewis Investment Management led the round. The spokesperson said the company is looking to raise an additional roughly $15 million at the end of September, bringing the total round to about $72 million.
EchoNous makes a handheld medical imaging tool called Kosmos, as well as an ultrasound tool to help with IV placement and a bladder-scanning tool. New York City-based investment firm KKR backs the company, including a $35 million investment in 2017.
On its website, EchoNous has an open role listed for a research and development specialist.
The company spokesperson said the money will go to product development and artificial intelligence capabilities. In particular, the spokesperson added, the funding will develop EchoNous' Lexsa ultrasound probe, which came out in August 2021 and includes nerve, lung, vascular and musculoskeletal ultrasound.
Kevin Goodwin, the CEO, and Niko Pagoulatos, the chief operating officer, co-founded the company in 2016. Goodwin previously founded Sonosite, another ultrasound company, in 1998. The company was acquired by Fujifilm Holdings Corp. in 2011 for $995 million.
Kennedy Lewis, a credit manager headquartered in New York City, led a $60 million funding round in EchoNous in July 2021. Kennedy Lewis manages private funds and collateralized loan obligations, according to its website.
“We have a technology platform that I think has tremendous long-term implications for medicine, let alone ultrasound in medicine,” Goodwin told the Business Journal at the time of the $60 million investment. “And the reason for that is we've extremely miniaturized a very high-quality, high-performance ultrasound device into an 8-ounce package. So we've basically reached a frontier in terms of silicon chip integration of ultrasound circuitry.”
