Swiss spine surgery company Neo Medical SA has completed a successful Series B financing round, raising $68 million.
The round included the conversion of existing shareholder loans. Gyrus Capital led the financing round. Other investors include Neo Medical Founders Vincent Lefauconnier and Jonas Larsson. According to the company’s press release, this is a “landmark round” and “one of the most significant in the spine industry in the last decade.”
The funding will go towards funding three major objectives of the company:
- increasing “Neo’s market share in key regions with an immediate focus on expanding the U.S. business”
- “deploying new, complementary, and disruptive products.”
- developing the capabilities of ADVISE™.
According to the company, ADVISE is “an intraoperative, AI-driven augmented reality platform that shows spine surgeons what they can’t see.” ADVISE is part of the company’s surgical technologies portfolio which is represented as Neo Universal™.
Neo Medical CEO and Co-Founder Lefauconnier commented, “Thoracolumbar spine surgery is a large market that has lacked disruptive innovation for decades—the spine sector needs innovation to improve patient outcomes and drive positive change for all stakeholders.”
Lefauconnier continued, “This is precisely what we have set out to achieve with Neo Universal™—a platform introducing new technological and structural approaches to create real value both inside and outside the operating theatre. After successfully entering key markets, we are ready to scale. This funding will enable us to grow and push the boundaries of what is possible in spine surgery, bringing our solutions to more healthcare providers and, most importantly, improving outcomes for patients.”
Around 36,000 patients have already been treated with Neo Medical’s technologies since the 2016 commercial launch.
Furthermore, according to the company, studies have “shown Neo’s products can cut implant failure rates by up to three-times, infection risk by half, and time spent in surgery by up to 29%, reducing the need for revisionary surgery by as much as 50%.”
Lefauconnier also commented, “This raise is the next step in solidifying Neo Universal™ as one of the premier solutions on the market. Intended to treat thoracolumbar patients in inpatient and outpatient settings, it supports both MIS and open approaches. Launching extended capabilities for complex surgery will soon optimize our platform coverage from ambulatory surgery to ever more complex trauma and deformity.”
