FundamentalVR has raised an additional $20 million to significantly accelerate medical skill-transfer and increase surgical proficiency through its medical simulation platform, Fundamental Surgery.
The transaction was led by EQT Life Sciences investing from the LSP Health Economics Fund 2 and joined by prior investors Downing Ventures. The new investments follow a Series A round in October 2019 and bring the company’s total funding to over $30 million.
FundamentalVR’s scalable medical simulation platform combines virtual reality and haptics through data, artificial intelligence, and multimodal learning. FundamentalVR’s patented HapticVR technology mimics the physical touch of surgical actions, which allows users to experience the sights, sounds, and physical sensations of real-life surgery. Scalable and hardware agnostic, the platform immerses users in a controlled training environment that lowers the surgical risk to patients. Deployed in over 30 countries, FundamentalVR’s high-fidelity simulations help life science, pharmaceutical, and med-device companies deploy medical innovations in disciplines from ophthalmology to robotics, gene therapy, and more.
The growth investment will enable further development of HapticVR, the machine learning data insights product, and geographic expansion throughout the U.S. FundamentalVR’s multiuser platform enables medical institutions, hospitals, and surgical educators, to scale professionally accredited surgical training throughout their organizations. Partnerships with hospital groups, including flagship clients and investors Mayo Clinic and Sana Kliniken, will drive further growth.
“Our platform can conduct a walkthrough of a procedure through to a full operation, facilitating surgical skills transfer – which is why we have been enthusiastically embraced throughout the medical industry, from med-device manufacturers to pharmaceuticals,” says co-Founder and Chief Executive Richard Vincent. “Our immersive environments transform surgical skills acquisition in a scalable, low-cost, multiuser way. We are excited to scale our vision of creating a medical education environment unhindered by borders.”
As part of the transactions, Drew Burdon of EQT Life Sciences will join the Board of Directors.