FundamentalVR, a company specializing in VR medical training, has closed a £4.3 million (~$5.6 million) Series A funding round in effort to further develop its surgical training and data analysis platform, Fundamental Surgery.
The funding round was led by Downing Ventures, with participation from Epic Private Equity, and Brighteyes Ventures. Leading medical institutions also participated in the funding round, including the world-renowned Mayo Clinic and Sana Kliniken, the third largest hospital organization in Germany.
This brings FundamentalVR’s total investment to $9.3 million, the company says. Its penultimate financing round in 2018, amounting to $1.4 million, coincided with a partnership to develop its VR training platform with Mayo Clinic surgeons and clinical practitioners, as well as its 3D modelling, data scientists and simulation specialists.
Fundamental Surgery, the company’s flagship product, has found its way to a number of medical institutions across seven countries, including Mayo Clinic and UCLA in the United States, UCLH in the United Kingdom, and Sana in Germany with initial training packages focused on the orthopedic surgical disciplines. The procedures it currently supports include Spinal Pedicle Screw, Total Hip Arthroplasty (Posterior), Total Hip Arthroplasty (Anterior) and Total Knee Arthroplasty, the company says in a press statement.
“We identified early on that FundamentalVR’s team was developing a platform that was very special,” Tern CEO, Al Sisto said. “A training and data analysis offering which could revolutionise the skills development of surgical practice, while at the same time creating a database of significant importance to the industry. We are delighted that the value and relevance of this exciting business and its entire staff has been recognised by this outstanding syndicate of new investors we helped solidify.”
Following the most recent funding round, Tern’s shareholding in FundamentalVR comes to 26.9%, with a valuation of £3.0 million (~$3.88 million).