Augmented reality (AR) surgical navigation Augmedics has announced the completion of an $82.5 million Series D financing round led by CPMG and with participation from current investors H.I.G. Capital, Revival Healthcare Capital, Almeda Ventures and others. The company has also added Evidity Health Capital as a syndicate partner
The Israeli-founded company has marked its record 4,000th US patient treated with the xvision Spine System which uses augmented reality to give surgeons "x-ray vision" during surgery. The new investment will be used by Augmedics to expand its US commercial operations and deliver next-generation platform advancements to enable more widespread adoption of the xvision technology.
Augmedics was founded in 2014 by former CEO Nissim Elimelech and is currently managed by CEO Kevin Hykes from its Illinois headquarters while its R&D center remains in Israel.
In 2019, the company received FDA approval for its xvision AR navigation system for surgery. The cutting-edge technology superimposes critical data onto the surgical field, allowing surgeons to visualize patient anatomy through skin and tissue and to accurately navigate instruments and implants during spine surgery. Unlike traditional navigation systems, which require surgeons to continually look away to an ancillary screen, xvision allows surgeons to keep their eyes directly on the patient, lending better visualization, control, and accuracy during spine procedures.
xvision has seen rapid adoption since its US commercial launch in 2020, including by numerous premier academic institutions across the country. As adoption accelerates, so do the system’s capabilities; Augmedics launched a significant platform expansion in March 2023 including the system’s first AI application, laying the groundwork for future platform developments further supported by the financing.
Hykes said, "To close an $82.5M round in the current fundraising environment is a testament to the dramatic impact Augmedics is making on the field of spine surgery. The accomplishment is underscored by the tremendous achievement of 4,000 patient lives impacted. We are pleased to secure the resources to continue leading the market in the adoption of augmented reality spine surgery."
Published by Globes, Israel business news - en.globes.co.il - on June 28, 2023.
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