Augmedics is a supplier of an augmented reality AR Surgical Navigation Platform. In recent news, the company announced the end of a $82.5M Series D financing. The round was led by Dallas-based CPMG, its syndicate partner, and Evidity Health Captial. Investors like H.I.G. Captial, Revival Healthcare Capital, and Almeda Ventures were also in the round.
Based on the company’s plans, the generated funds will expand its footprint in the US commercial market. It will enhance the delivery of next-level platforms, allowing mass adoption of XVision technology in surgical methods.
This latest news serves as a new milestone for Augmedics. By the records, it would mark the 4,000th US patient treated with the company’s ‘XVision’ Spine System. XVision utilizes augmented reality, which gives surgeons “x-ray vision” during surgical operations. Impressively, it has become the first FDA-approved AR surgical navigation system.
Augmedics technology superimposes important data onto the surgical field. Making it easy for surgeons to view a patient’s anatomy accurately. This also makes the navigation of instruments and implants seamless during spine surgery. This is a major digression from the traditional navigation systems, which makes surgeons stare at an ancillary screen non-stop.
XVision technology, however, allows surgeons to keep their gaze directly on the patient. Providing better visuals, control, and accuracy during surgical procedures.
The company also explained that its XVision technology has become a widely utilized platform for surgery in the US. Since its commercial launch in 2020, its adoption in the US market has more than doubled.
As the technology adoption continues to accelerate, its system’s capabilities have also increased. Additionally, Augmedics launched an important platform expansion in March 2023. This includes the system’s initial artificial intelligence application. By that token, the foundation for future developments and financing has been laid.
Augmedics President and CEO Kevin Hykes go ahead to talk about its intentions stating’ “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.”
Having raised a significant investment, Augmedics also announced that CMPG’s Kent McGaughy and Evidity’s Paul Enever will become members of 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.”
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