Australia-based virtual reality (VR) medical training provider Vantari VR has secured AUD $7 million ($4.7 million) via a Pre Series A capital raise.
The firm said in a statement on Wednesday that the oversubscribed round was led by Co:Act Capital and supported by Acova Capital, Significant Early Venture Capital, Sirius Capital and other investors from the medical device and insurance ecosystem.
According to the statement, the funding will greatly assist the company in expanding into more healthcare organizations both locally and abroad in the United States.
It said the funds will help Vantari to continue expanding across key areas in healthcare such as accreditation, procedural and device training, as well as further grow its evidence-based technology platform.
Dr. Vijay Paul and Dr. Nishanth Krishnananthan, Co-Founders and Co-Chief Executive Officers of Vantari VR, said the company has plans to expand its impact across North America, while doubling the growth of its technology and operational team.
“The Pre Series A round marks a huge milestone for Vantari’s trajectory,
“With the support of trusted investors in the ecosystem, we can really fast track our goals for the US market and help health care professionals (HCPs) access the platform across the North American region,” said Krishnananthan.
Paul also said these funding partners share their vision and passion to future-proof healthcare with VR and extended reality (XR) technology and have a significant patient
impact, and Vantari is really excited to work with them.
Vantari is a globally leading health technology company revolutionizing the way clinicians receive on the job training.
Brought to life by a team of doctors inspired to provide better learning outcomes and reduce medical error, Vantari was launched in 2017 and is now operating in multiple
hospitals, universities and medical device companies across Australia and the United States.
Headquartered in Sydney and Seattle, the firm is the ‘Flight Simulator for Healthcare’, helping clinicians practice procedures safely in VR before doing them on real patients.
The company stands out for its ‘mediverse’ vision, bringing a virtual hospital to the metaverse through a patented procedural training platform featuring real-world physics and dynamic imaging, providing an unmatched training experience for hospitals, universities and medical device organizations.
Multiple high profile partnerships have contributed to the company’s 400 percent growth in revenue in financial year 22/23.
Cited Mordor Intelligence, Vantari said the VR market size is expected to grow from $54.24 billion in 2023 to $163.82 billion by 2028, representing a compound annual growth rate (CAGR) of over 24 per cent throughout the five year period.
Ash Lambert, Principal of Co:Act Capital, said Vantari aligned with several areas the venture capital fund is focused on, specifically technology that is changing how services are delivered in healthcare and education.
He said the firm believes that technology will continue to be pivotal to the future of healthcare and can improve how they practise, diagnose, manage and cure.
He said healthTech is such an important area because it has the most direct link to improving the quality of people’s lives.
“It is also an area where Australia has a clear track-record of leading innovation, supported by our excellence in medical research and clinical trials, successful integration of public and private systems and a robust regulatory framework,
“Doctors like Nishanth and Vijay are innovating ways forward that improve patient outcomes and reduce risk, cost and time,” he added.
Dr. Michael Chan, Executive Director at Acova Capital, said Vantari VR has been on the adviser’s watchlist for over two years, due to the impressive traction the company has made in development and commercialization of its world-class VR medical training platform.
The funding milestone follows Vantari VR recently securing a number of significant partnerships across the globe including Inteleos, a global imaging certification leader in the United States; Nume Plus, Italy’s medical training innovator; Leader Healthcare, a Nited Arab Emirates (UAE)-based healthcare products and clinical solutions provider, along with multiple hospital and medical device partnerships in Michigan, New York and Boston.
Closer to home, Vantari VR has successfully been integrated into tertiary training hospitals including Royal Prince Alfred Hospital and Westmead Hospital in NSW, Fiona Stanley Hospital in WA and Latrobe Regional Hospital in Victoria.
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