- Augmedics announced recently that it has raised $36 million in an oversubscribed Series C financing. These are the details.
Augmedics — a pioneer in augmented reality surgical image guidance — announced recently that it has raised $36 million in an oversubscribed Series C financing with an international syndicate of Israel-US investors. And this comes only 8 months after the company closed a $21 million Series B financing, bringing the total funding to date to $63 million.
H.I.G. Capital, Revival Healthcare Capital, and Almeda Ventures led the funding round and are joined by two strategic investors including HCA Healthcare Health Insight Capital as well as existing investor XR Invest (formally known as AO Invest). With this funding round, Bruce Robertson (H.I.G.) and Rick Anderson (Revival) will join the board of Augmedics and Amir Blatt (Almeda) will join as a board observer.
In December 2019, Augmedics announced U.S. Food and Drug Administration (FDA) 510(k) clearance and the launch of its xvision Spine System (XVS) in the U.S. – which 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. This system is designed to revolutionize how surgery is performed by giving the surgeon better visualization, control, and accuracy.
Augmedics staretd sales of xvision Spine in the U.S. in the second half of 2020 and closed the year with over 250 spinal surgeries performed with the system. The funding 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.
Augmedics’ mission is to give surgeons more control by creating technological advances that caters to their needs and fit within their existing workflow. And the company’s flagship xvision Spine System is designed to revolutionize surgery as it gives surgeons the information they need, directly within their working field of sight, to instill technological confidence in the surgical workflow and help them do their jobs as effectively and safely as possible.
The Augmedics xvision Spine System has now successfully launched and it is being used in renowned hospitals and surgical centers in the U.S. to help surgeons confidently and efficiently care for patients. Augmedics is planning to explore additional surgical applications for xvision beyond spinal surgery. And the system’s small footprint, economical cost, and compatibility with current instrumentation is designed to allow easy integration into any surgical facility worldwide.
KEY QUOTES:
“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. In this fundraising process, we could not have asked for stronger partners than H.I.G., Revival, and Almeda, who immediately recognized the enormous potential of Augmedics’ technology. We are also thrilled to have two key strategic partners invest in the round, including HCA Healthcare, the leading U.S. healthcare system.”
— Nissan Elimelech, CEO and founder of Augmedics
“Augmedics is a commercial success story of integrating breakthrough medical technology into complex surgeries, a trend that we believe will only grow stronger. The significant volume of sales they had in a short period of time during the COVID-19 pandemic indicates the strong demand for the xvision system by spine surgeons. We are excited to be partnering with the company’s experienced leadership team, comprised of leading medical AR development professionals, experienced marketing and sales professionals, and a CEO who successfully led the company to success in a challenging year. This financing paves the way for continued growth and significant value creation.”
— Bruce Robertson, Managing Director at H.I.G. Capital
“Augmented reality is at the leading edge of medical technology innovation in navigation and digital surgery. The majority of spine and orthopedic procedures performed today are done without navigation and we have the opportunity to significantly improve outcomes for patients and physicians alike. The xvision Spine System may enable surgeons to be better, faster and more accurate, providing a significant runway for expansion in the currently approved indication and beyond. We are excited to partner with Nissan and his team to bring this revolutionary technology to surgeons around the world.”
— Rick Anderson, Chairman and Managing Director of Revival Healthcare Capital
