July 4, 2023 – Augmedics, a provider of an augmented reality (AR) surgical navigation platform, has recently announced the successful close of a USD $82.5 million Series D financing. The round was led by Dallas-based CPMG and saw Evidity Health Capital join as a syndicate partner. Existing investors H.I.G. Capital, Revival Healthcare Capital, Almeda Ventures also joined the round.
The funds will support Augmedics to expand its US commercial footprint, as well as the delivery of next-generation platform advancements, which will enable mass-scale adoption of the xvision technology, according to the company.
The funding news comes on the heels of a new commercial milestone for Augmedics, which marked its record 4,000th US patient treated with the company’s ‘xvision’ Spine System. Xvision uses augmented reality to give surgeons “x-ray vision” during surgery, and became the first FDA-approved AR navigation system for surgery.
The company’s 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, which Augmedics stated provides better visualization, control, and accuracy during spine procedures.
The company noted that its xvision technology has seen rapid adoption since its US commercial launch in 2020, including by numerous academic institutions across the country. As adoption has accelerated, so too have the system’s capabilities; Augmedics launched a significant platform expansion in March 2023 including the system’s first artificial intelligence (AI) application, laying the groundwork for future platform developments further supported by the financing.
“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,” said Augmedics President & CEO Kevin Hykes. “We are pleased to secure the resources to continue leading the market in the adoption of augmented reality spine surgery.”
With the new investment secured, Augmedics also announced that CMPG’s Kent McGaughy and Evidity’s Paul Enever will join the company’s board of directors.
“In a field where many make claims about the benefits of augmented reality in surgery, Augmedics stands apart with a proprietary AR navigation solution, delivering best-in-class surgical accuracy daily to ORs across the country,” said McGaughy. “For nearly two decades, we have studied and invested in enabling surgical technology. We are excited to partner with Augmedics, the clear leader in augmented reality surgery.”
For more information on Augmedics and its augmented reality surgical navigation solutions, please visit the company’s website.
Image / video credit: Augmedics / YouTube
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Sam is the Founder and Managing Editor of Auganix. With a background in research and report writing, he has been covering XR industry news for the past seven years.