OAKLAND, Calif., Nov. 15, 2022 (GLOBE NEWSWIRE) — Promaxo, Inc. (“Promaxo” or the “Company”), a medical imaging, robotics, and AI technology company, today announced an expansion of the previously announced asset financing agreement with kineo finance, a leading venture leasing and working capital solutions provider for medical technology, robotics, and other high tech companies. The upsized agreement increases Promaxo’s direct leasing solution and further supports the Company’s commercial and customer sales programs as adoption continues to accelerate and grow.
“We are happy to announce our expanded financing agreement with kineo finance. kineo finance has been a valuable partner in creating a direct leasing solution since we began our commercialization efforts, and we appreciate their confidence and ongoing support,” said Dr. Amit Vohra, Founder and CEO of Promaxo. “We have strongly executed on our growth plan over the past few quarters. This increase is significant as it covers our expected sales pipeline in 2023, allowing us to carry our positive momentum forward.”
“kineo finance is proud to be partnered with Promaxo. Promaxo has developed a proprietary system for point of care diagnostic biopsies and treatment of cancers that is making a significant impact by improving healthcare outcomes. Demand for the technology is strong and growing, and we believe the company is well positioned for continued growth and success. We have great confidence in Promaxo and excited about expanding our partnership,” said Mr. Andrew Brigham, Vice President of kineo finance.
About kineo finance
kineo finance is a Swiss-headquartered asset financing group with global reach and with subsidiaries in the USA and Germany. kineo finance provides tailor-made venture leasing and working capital solutions for companies which are starting the commercialization of new products and services with a hardware component. kineo finance enables young companies to offer their customers product/market-specific “equipment-as-a-service” solutions via pay-per-use, renting or subscription models. Backed by large institutional investors, kineo finance offers a broad industry network and know-how and actively supports high-growth companies to accelerate the market entry of their innovations.
About Promaxo, Inc.
Promaxo was founded by a team of entrepreneurs and healthcare innovators to develop a minimally-invasive and patient-centric MRI and robotic platform. Based in Oakland, California, and backed by over 200 patents, the Company’s mission is to improve lives through state-of-the-art medical imaging, robotics and AI capabilities. With a compact and adaptable MRI, Promaxo is redefining the standard of care by improving the quality and speed of patient diagnosis and interventions. The Company has formed numerous long-term and strategic partnerships with investor groups and corporation as it drives commercialization of the Promaxo MRI system.