The round was supported by the Mayo Clinic among others.
FundamentalVR has been evolving its virtual reality (VR) platform providing surgical training solutions for a number of years, combining simulations through Fundamental Surgery with cutting-edge haptics via HapticVR. Today, the company has announced the closing of a £4.3 million GBP ($5.67m USD) Series A round, bringing total funding to £7.2 million.
The round was led by Downing Ventures with previous investor Tern Plc participating as well as Epic Private Equity and Brighteye Ventures. Also involved were leading medical institutions including Mayo Clinic in the US and Sana Kliniken, the third-largest hospital organization in Germany.
FundamentalVR will use the funding to further invest in its Fundamental Surgery platform which currently supports procedures including Spinal Pedicle Screw, Total Hip Arthroplasty (Posterior), Total Hip Arthroplasty (Anterior) and Total Knee Arthroplasty.
“We are very pleased to close our Series A round, especially as it includes strategic investment and validation from world-renowned medical institutions, Mayo Clinic and Sana Kliniken, where our platform is currently deployed,” commented Richard Vincent, CEO and co-founder of FundamentalVR in a statement “The investment will allow us to continue to expand the global deployment of the current platform and develop additional capabilities and technologies, including extension of the platform into multimodal education encompassing new standalone headsets such as the Oculus Quest and Vive Focus Plus, covering new surgical disciplines such as general surgical procedures and future capabilities such as patient-specific modeling and emerging interfaces for robotic surgery.”
Tern Plc invested £1.9 million in FundamentalVR in May and October 2018. Commenting on its continued support, Tern CEO, Al Sisto, said: “We identified early on that FundamentalVR’s team was developing a platform that was very special. A training and data analysis offering which could revolutionise the skills development of surgical practice, while at the same time creating a database of significant importance to the industry. We are delighted that the value and relevance of this exciting business and its entire staff has been recognised by this outstanding syndicate of new investors we helped solidify.”