The Cleveland-based medtech company developing innovative AR-powered surgical navigation and teleprocedure platforms, MediView XR, has raised $9.9 million in a SAFE financing round. The company further aims to raise a Series A financing round in early 2023, a process that it will kickstart at the LSI Emerging MedTech Summit in Dana Point, CA, next week.
The company was founded in 2017 to develop augmented reality applications for assisting surgeons with intraoperative 3D ‘x-ray’ holographic visualization. The technology enables the surgeon to examine the patients’ internal anatomy in 3D. Moreover, the AR-powered system can provide a ‘light-ray’ like guidance to the surgeons by tracking their instruments. As a result, the surgeons can plan and view the path of their tools throughout the procedure.
MediView’s platform technologies also leverage remote connectivity to enable easier collaboration amongst medical professionals by direct communication, visualization, and holographic guidance whenever required. Such advancements in the telehealth space will allow the industry to deliver an enhanced level of care to its benefactors. Furthermore, it could be exceptionally useful in times like we have experienced during the coronavirus pandemic.
There are currently three tiers of the platform under development at MediView.
XR30 is a solution for the cumbersome ergonomic challenges with medical imaging. The system, already in the early stages of commercialization, enables the practitioners to use augmented reality to correctly position ultrasound imaging within the line of sight of their hands, tools, and the patient. Moreover, it allows for seamless collaboration between on-site and remote healthcare personnel.
XR50 provides procedural guidance capabilities for the XR30 system. It creates a visual pathway for the instruments used by the practitioner during a procedure. The solution is expected to be submitted for FDA clearance in the first half of this year.
XR90 Augmented Reality Surgical Navigation System, the company’s flagship product, lends an ‘x-ray’ vision to the practitioners. The system combines live imaging and tracking capabilities for the surgeon’s tools to provide a detailed overview of the internal soft tissue, organ, vascular, and skeletal structures with incredible surgical navigation assistance. The system is expected to be submitted for FDA clearance in the second half of this year.
MediView’s products are a result of robust collaboration with other companies. The company utilized Microsoft’s HoloLens 2 augmented reality headset, GE Healthcare’s imaging technologies, and Cleveland Clinic’s clinical and technical research facilities.
“With this financing, MediView is strongly positioned leading into our next fundraising activities,” said Mina Fahim, President and CEO. “This incredible team will be able to accelerate our technology development while ramping up several exciting imaging and therapy integration opportunities. These innovative solutions will extend MediView’s leadership in the rapidly growing and evolving XR healthcare space.”
The company is further working with several imaging and medical device industry leaders to develop other innovative AR solutions in the space.
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