YOKNEAM, Israel--(BUSINESS WIRE)--Augmedics, a developer of an augmented-reality (AR) surgical visualization system, has secured $8.3 million in Series A funding. Led by Davos, Switzerland-based AO Invest, which is fully funded by the non-profit AO Foundation, as well as Israeli Innovation Authority, Terra Venture Partners and other undisclosed investors. Augmedics will use the proceeds to complete research and development as well as pre-clinical and clinical trials of its ViZOR System, establish strategic distribution partnerships, and seek 510(k) clearance for The ViZOR from the US. Food and Drug Administration.
According to Technavio, the global market size for surgical navigation systems is estimated to grow to $900 million by 2020, with compounded annual growth rate (CAGR) of seven percent. Augmedics intends to disrupt this sizeable market with its ViZOR System, an AR surgical visualization system designed to give surgeons “X-ray vision” during complex procedures. With The ViZOR, surgeons can see inside a patient’s anatomy through skin and tissue, for easier, faster and safer surgeries. The ViZOR can be used in many procedures, with the first intended use in minimally invasive spine surgeries. The ViZOR uses proprietary patented see-through AR optics to project a 3D image of a patient's spine onto a surgeon's retina, in real-time, with surgical precision and outstanding depth perception. The technology was designed to save time during surgery, reduce radiation exposure and reduce the number of unnecessary repeat operations and hospitalizations.
“The ViZOR System brings disruptive augmented reality technology to spine surgeries to increase safety and enhance surgical performance,” said Nissan Elimelech, CEO of Augmedics. “Augmedics designed The ViZOR to give surgeons the first-time opportunity to actually see inside a patients’ anatomy, providing valuable real-time information in a comfortable and intuitive manner.”
In the future, the ViZOR System will leverage various sensors to collect big surgical data to process and analyze using deep learning algorithms. Ultimately, it will also make suggestions, provide alerts, and perform other surgical assistance during the procedure.
"With deep domain knowledge, crystal-clear thinking and continuous improvement, the Augmedics team was able to develop a product that brings tremendous value to surgeons," said Michel Orsinger, chairman, AO Invest. "We are happy to work with them and believe in AR's potential to shape the future of surgery and contribute to better clinical outcomes for patients. With Augmedics, we believe we are backing the leading company in the field. The accuracy, usability and feel of the product are very impressive and promising."
Founded in 2014, Augmedics received seed financing from TerraLab incubator, an incubator of the Israeli Innovation Authority.
About AO Invest
AO Invest is an investment fund for start-ups run by a board of medical and business experts. The organization focuses on start-ups that are developing innovative technology for orthopedic and trauma surgeons and patients. AO Invest specializes in emerging areas such as visualization, simulation, robotics, data management and digital health, investing not only capital but also know-how and expertise. The group invests in the range of $500,000 to $3 million. AO Invest's sole investor is the AO Foundation, a surgeon-led, not-for-profit organization.
Founded in 2014, Augmedics develops cutting edge technologies for future surgery. The company’s ViZOR System is an augmented reality surgical visualization solution designed to allow surgeons to see inside a patient’s anatomy during complex procedures. First intended for use in minimally invasive spinal surgery, The ViZOR can help improve procedures by allowing surgeons to see the patient's spine through skin and tissue, as if they had X-ray vision, eliminating some of the limitations of minimally invasive spine surgery. Augmedics has received numerous honors, including Technion’s BizTEC 2014, MedTech Innovator 2016, and MEDinISRAEL 2017.