London, the U.K-based medical simulation company FundamentalVR raised an additional USD 20 million. The Series B round took place on August 11, 2022. EQT Life Sciences investing from the LSP Health Economics Fund 2 led the financing for the platform. Meanwhile, previous investors Downing Ventures, Tern Plc and Sana Kliniken participated in the round.
So far, the company’s total funding is more than USD 30 million. As part of the deal, Drew Burdon of EQT Life Sciences will serve the FundamentalVR’s Board of Directors.
Purpose of funding for FundamentalVR
The company intends to fuel medical skill transfer and increase surgical proficiency with the new proceeds. The company seeks to achieve the same via its world-leading medical simulation platform, Fundamental Surgery.
Moreover, FundamentalVR eyes the development of HapticVRTM and the machine learning data insights product. It seeks further geographic expansion throughout the US.
What the co-founder has to say
Richard Vincent, co-founder and chief executive officer at FundamentalVR, said, “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. 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.”
What the investor has to say
Drew Burdon, Partner at EQT Life Sciences, said, “With increasingly complex surgical procedures, it is important to provide medical professionals with new methods for surgical skills transfer and continued training and education while managing both the cost and time burden associated with these activities. HapticVR is a differentiated approach which has already been adopted by a number of high-quality customers, in a short period of time, demonstrating the value that this system can add today.”
About the company
In 2012, Richard Vincent and Chris Scattergood launched the company. FundamentalVR is the world’s first scalable medical simulation company that combines virtual reality and haptics. It achieves so by leveraging data, artificial intelligence, and multimodal learning. Its patented HapticVR technology mimics the physical touch of surgical actions. The technology allows users to experience real-life surgery sights, sounds, and bodily sensations. The company earlier raised funds in Series A round in October 2019. Deployed in more than thirty countries, FundamentalVR’s high-fidelity simulations help various disciplines such as life sciences, pharmaceutical, and med-device companies.
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