The London-based virtual reality startup, FundamentalVR, has raised £16.3 million ($20 million) in fresh funding for its immersive medical training technology – VR Surgeon Training Platform.
The company, founded in 2012, has created a platform for medical simulation that blends virtual reality and haptic feedback to provide surgeons with a tool to practice procedures. It claims that the technology can precisely replicate an actual surgical procedure’s sights, sounds, and physical touch.
With an emphasis on the US market, FundamentalVR will use the new funding to extend its business internationally and make further technological advancements to its tech platform.
“Our platform can conduct a walkthrough of a procedure through to a full operation, facilitating surgical skills transfer,” stated Richard Vincent, co-founder and CEO.
The company believes that its immersive environments can transform surgical skills acquisition in a scalable, low-cost, multiuser manner. The startup is actively working towards its vision of developing a medical education environment beyond geographical limitations.
EQT Life Sciences, a health technology-focused investment firm established by the private equity firm EQT Partners in 2022, led the funding round, which also saw participation from Downing Ventures, an earlier investor.
“With increasingly complex surgical procedures, it is important to provide medical professionals with new methods for surgical skills transfer and continued training and education while managing both the cost and time burden associated with these activities,” said Drew Burdon, Partner at EQT Life Sciences.
Burdon has also joined FundamentalVR’s board of directors as part of the investment agreement.
In a short amount of time, numerous customers have already implemented HapticVRTM, proving the value this system can add now.
Following a £4.3 million Series A round led by Downing Ventures in October 2019, the company has now raised a total of £24.5 million ($30 million).
FundamentalVR has also collaborated with renowned medical institutes such as the Mayo Clinic and Sana Kliniken.
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