Israeli augmented reality surgery guidance system developer Augmedics has announced that it has raised $36 million in an over-subscribed Series C financing round led by Almeda Ventures (TASE: AMDA), H.I.G. Capital and Revival Healthcare Capital and with the participation of HCA Healthcare Health Insight Capital and XR Invest. This latest financing round is only eight months after the company closed a $21 million Series B financing, and brings the total funding to date to $63 million. This financing round included also
In December 2019, Augmedics announced US Food and Drug Administration (FDA) 510(k) clearance and the launch of its xvision Spine System (XVS) in the US. xvision is the first and only FDA-approved augmented reality surgical image guidance system. The xvision Spine System allows surgeons to visualize the 3D spinal anatomy of a patient during surgery as if they had "x-ray vision," and to accurately navigate instruments and implants while looking directly at the patient, rather than a remote screen. The system is designed to revolutionize how surgery is performed by giving the surgeon better visualization, control, and accuracy.
Augmedics began sales of xvision Spine in the US in the second half of 2020 and closed the year with over 250 spinal surgeries performed with the system. The financing round will be used by Augmedics to continue its commercialization throughout the U.S. and into OUS markets, develop the next generation of products, expand to new indications, and obtain CE certification for sales in Europe.
"We are very pleased to have completed this large financing round led by H.I.G. Capital, Revival Healthcare Capital, and Almeda Ventures, which will enable us to promote and expand our operations and meet the strong demand we are experiencing for our technology in the U.S. following our commercial launch last year," said Nissan Elimelech, CEO and founder of Augmedics.
Almeda Ventures is a public limited partnership investing in healthcare R&D companies, headed by Tzahi Sultan, Irit Yaniv, and Amir Blatt. Since its establishment in 2020 the fund has invested in six companies.
Published by Globes, Israel business news - en.globes.co.il - on March 30, 2021
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