Chicago, Illinois-based Augmedics, an innovator in augmented reality surgical guidance, has closed a successful Series D funding round, raising $82.5 million.
The investing round was led by Dallas, Texas-based CPMG. Evidity Health Capital joined the round as a syndicate partner. Existing investors also participated in the financing round including H.I.G. Capital, Revival Healthcare Capital, Almeda Ventures, and others. CPMG Founder Kent McGaughy and Evidity Health Capital Co-Founder and Partner Paul Enever, Ph.D. will join the Augmedics Board of Directors.
McGaughy commented, “In a field where many make claims about the benefits of augmented reality (AR) in surgery, Augmedics stands apart with a proprietary AR navigation solution, delivering best-in-class surgical accuracy daily to ORs across the country.”
McGaughy continued, “For nearly two decades, we have studied and invested in enabling surgical technology. We are excited to partner with Augmedics, the clear leader in augmented reality surgery.”
According to the company’s press release, the funds will “support Augmedics’ rapidly expanding US commercial footprint as well as the delivery of next-generation platform advancements which will enable mass-scale adoption of the xvision technology.” Augmedics received U.S. Food and Drug Administration (FDA) 510(k) clearance for its xvision Spine System® in December 2019.
According to the company, xvision is named for its ability to give surgeons “x-ray vision.” Per the press release, “the cutting-edge technology superimposes critical data onto the surgical field, allowing surgeons to visualize patient anatomy through skin and tissue and to accurately navigate instruments and implants during spine surgery.”
In addition to the successful funding round, the company was also able to announce another important milestone. As of last month, at least 4,000 patients in the United States have been treated with the xvision Spine System.
In the press release, Augmedics President and CEO Kevin Hykes remarked, “To close an $82.5M round in the current fundraising environment is a testament to the dramatic impact Augmedics is making on the field of spine surgery. The accomplishment is underscored by the tremendous achievement of 4,000 patient lives impacted.”
Hykes continued, “We are pleased to secure the resources to continue leading the market in the adoption of augmented reality spine surgery.”
