Augmedics, an augmented reality-based surgical tools developer, has reportedly secured USD 15 million in its Series B funding round, which was led by its U.S. staff. As per market speculations, the company will use these funds to expand its Xvision Spine System portfolio as well as to explore Xvision technology in other surgical applications.
Sources close to the matter stated that the company’s staff formed a limited liability company called AUG Management LLC and secured USD 4 million.
The remaining funds came from current shareholders Terralab Ventures and AO Invest as well as undisclosed investors that offered USD 7.8 million and USD 3.2 million respectively.
According to industry experts, Augmedics chose to raise money internally after its investors came to a standstill due to COVID-19 pandemic. This, along with elective procedures including spine surgeries that use its AR surgical tool, the company came up with an innovative strategy to raise funding.
For the record, U.S. based Augmedics introduced its Xvision Spine System in the United States in December 2019 after getting an approval from the FDA. The AR tools provided by the company offer surgeons a three dimensional image of the spinal anatomy of the patient in their line of sight while performing a surgery. This enables surgeons to look at the patient’s body instead of a screen.
The doctors reportedly wear the Xvision wireless headset during surgeries and the device shows a 3D anatomical projection which has a high-speed visual tracking system that can help determine the real-time position of the surgical tools associated with the spine.
Augmedics President and COO Tim Murawski was reported saying that the company’s ingenuity and creative problem solving capabilities began when the founder of the firm wanted to solve a problem in the operating room.
He added that these capabilities run through each of its employees and the worldwide pandemic is just another obstacle for the company to navigate as a team.
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