Augmedics, an augmented reality surgical navigation platform, has scored $82.5 million in Series D financing led by CPMG.
Evidity Health Capital joins the round as a syndicate partner. Current investors Revival Healthcare Capital, H.I.G. Capital, Almeda Ventures and others participated in the round.
WHAT THEY DO
Augmedics xvision Spine System, which received FDA clearance in 2019, utilizes augmented reality to give surgeons a 3D image of a patient’s spinal anatomy directly in their line of sight during surgery, allowing surgeons to look at the patient instead of a remote screen.
The Illinois-based company will use the funds to support its growth in the U.S. and expand its platform capabilities to support mass adoption of its technology.
“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,” Kevin Hykes, Augmedics president and CEO, said in a statement. “We are pleased to secure the resources to continue leading the market in the adoption of augmented reality spine surgery.”
THE LARGER TREND
The company garnered $15 million in Series B funding through a nearly unheard of raising strategy in 2020 after COVID brought a nationwide lapse in elective surgeries and the company’s investor activity to a standstill.
Augmedics’ employees formed AUG Management LLC, a limited liability company, and raised $4 million toward the round. The remaining funds came from existing shareholders AO Invest and Terralab Ventures and undisclosed investors that provided $3.2 million and $7.8 million, respectively.
In 2021, the company garnered $36 million in Series C funding with an international syndicate of Israel-US investors eight months after it closed its $21 million Series B financing.
In March, the company announced new features, including AI-enabled image enhancement functions and customizable views. The company also added cervical and iliosacral indications to its offering, joining its existing thoracic, lumbar and sacral indications. The news features allowed the xvision System to be used for the whole spine.
Another immersive tech company in the surgical space is California-based virtual reality surgical training platform Osso VR, which scored $66 million in Series C funding last year and $27 million in Series B funding in 2021.