Augmedics, a Chicago-based augmented reality (AR) surgical navigation pioneer, has successfully raised $82.5 million in Series D funding.
The funding round was led by CPMG, with Evidity Health Capital joining as a syndicate partner. Current investors participated in the round, including HIG Capital, Revival Healthcare Capital, Almeda Ventures, and others.
The investment comes as Augmedics celebrates a significant milestone of 4,000 patients treated in the US with its groundbreaking xvision Spine System®.
The technology, which received FDA clearance in 2019, utilizes augmented reality to provide surgeons with a 3D image of a patient’s spinal anatomy directly in their line of sight during surgery, enhancing visualization, control, and accuracy.
Augmedics’ xvision Spine System: Changing the Game in Spine Surgery
The xvision Spine System, dubbed “x-ray vision” for surgeons, allows medical professionals to visualize critical patient data through skin and tissue during spine surgery.
Unlike traditional navigation systems that require surgeons to divert their attention to a separate screen, xvision keeps surgeons focused on the patient, providing a more immersive and efficient surgical experience.
The AR technology superimposes essential information onto the surgical field, enabling precise navigation of instruments and implants, resulting in improved surgical outcomes.
Rapid Adoption and Recent Innovations
Since its US commercial launch in 2020, the xvision Spine System has seen rapid adoption, gaining popularity among premier academic institutions nationwide.
To meet the growing demand and to further enhance the system’s capabilities, Augmedics recently launched a significant platform expansion in March 2023. The expansion includes integrating an artificial intelligence (AI) application, enabling AI-enabled image enhancement functions and customizable views.
Additionally, Augmedics expanded the system’s indications, now offering cervical and iliosacral procedures and existing thoracic, lumbar, and sacral indications. These advancements solidify the xvision System as a comprehensive solution for the entire spine.
President and CEO of Augmedics, Kevin Hykes, expressed his excitement for the successful funding round and emphasized the company’s commitment to revolutionizing spine surgery through augmented reality technology.
The funding will support Augmedics’ expansion in the US and the development of next-generation platform advancements, paving the way for mass-scale adoption of the xvision technology.
Augmented Reality in the Surgical Space
The success of Augmedics and its xvision Spine System highlights the growing interest and investment in augmented reality technologies within the surgical space.
Another notable player in the field is California-based Osso VR, a virtual reality surgical training platform, which raised $66 million in Series C funding last year and $27 million in Series B funding in 2021.
As Augmedics continues to make significant strides in the adoption of augmented reality spine surgery, it stands apart with its proprietary AR navigation solution, delivering best-in-class surgical accuracy in operating rooms across the United States.
The xvision Spine System’s ability to provide surgeons with “x-ray vision” during procedures has gained recognition and adoption across prestigious medical institutions. Augmedics’ commitment to innovation and the integration of artificial intelligence will undoubtedly propel the company toward mass-scale adoption.
