Israeli firm Augmedics, a developer of augmented reality surgical systems, announced this week that it raised $36 million in a Series C funding round led by Almeda Ventures, a public limited partnership investing in healthcare R&D companies, H.I.G. Capital and Revival Healthcare Capital.
The financing round also included HCA Healthcare Health Insight Capital and XR Invest (formerly known as AO Invest.)
The round comes only eight months after the company closed a $21 million Series B round. This brings the company’s total funding to $63 million to date.
In December 2019, Augmedics received FDA clearance for its launch of the xvision spine system (XVS), the first-and-only FDA-approved AR headset for surgical image guidance.
The xvision Spine System allows surgeons to visualize the 3D spinal anatomy of a patient during surgery as if they had “x-ray vision,” and to accurately navigate instruments and implants while looking directly at the patient, rather than a remote screen. The system is designed to revolutionize how surgery is performed by giving the surgeon better visualization, control, and accuracy.
Augmedics began sales of xvision Spine in the US in the second half of 2020 and closed the year with over 250 spinal surgeries performed with the system.
The financing round will be used to continue its commercialization throughout the US and other markets, develop the next generation of products, expand to new indications, and obtain CE certification for sales in Europe.
Nissan Elimelech, CEO and founder of Augmedics, said the investment round “will enable us to promote and expand our operations and meet the strong demand we are experiencing for our technology in the US following our commercial launch last year. In this fundraising process, we could not have asked for stronger partners than H.I.G., Revival, and Almeda, who immediately recognized the enormous potential of Augmedics’ technology. We are also thrilled to have two key strategic partners invest in the round, including HCA, the largest U.S. healthcare system.”
Founded in 2014 by Elimelech and Nessi Benishti, Augmedics’ mission is to give surgeons more control by creating technological advances that cater to their needs and fit within their existing workflow.
The Augmedics xvision Spine System is being used in renowned hospitals and surgical centers in the US to help surgeons confidently and efficiently care for patients. Augmedics plans to explore additional surgical applications for xvision beyond spinal surgery.
“Augmedics is a commercial success story of integrating breakthrough medical technology into complex surgeries, a trend that we believe will only grow stronger,” said Bruce Robertson, Managing Director at H.I.G. Capital. “The significant volume of sales they had in a short period of time during the COVID-19 pandemic indicates the strong demand for the xvision system by spine surgeons. We are excited to be partnering with the company’s experienced leadership team, comprised of leading medical AR development professionals, experienced marketing and sales professionals, and a CEO who successfully led the company to success in a challenging year.