April 2, 2021 – Augmedics, a provider of augmented reality (AR) surgical image guidance systems, has this week announced that it has raised USD$36 million in a Series C financing. The new financing brings the total funding to date for the company to USD$63 million.
Augmedics stated that the financing round will be used to continue the commercialization of its AR surgical imaging platform throughout the US and into OUS markets, develop the next generation of products, and obtain CE certification for sales in Europe.
H.I.G. Capital, Revival Healthcare Capital, and Almeda Ventures led the financing round and were 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 financing 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.
“We are very pleased to have completed this large financing round, which will enable us to promote and expand our operations and meet the strong demand we are experiencing for our technology in the US following our commercial launch last year,” said Nissan Elimelech, CEO and founder of Augmedics.
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, which allows surgeons to visualize the 3D spinal anatomy of a patient during surgery as if they had “x-ray vision,” and to more accurately navigate instruments and implants while looking directly at the patient, rather than a remote screen. 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, according to the company.
Rick Anderson, Chairman and Managing Director of Revival Healthcare Capital, commented: “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.”
Augmedics also stated that it plans to explore additional surgical applications for xvision beyond spinal surgery. The company noted that the system’s small footprint, economical cost, and compatibility with current instrumentation is designed to allow easy integration into any surgical facility worldwide.
“Augmedics is a commercial success story of integrating breakthrough medical technology into complex surgeries, a trend that we believe will only grow stronger,” said Bruce Robertson, Managing Director at H.I.G. Capital. “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.”
For more information on Augmedics and its AR surgical solutions, please visit the company’s website.
Image credit: Augmedics