Activ Surgical today announced that it has secured $45 million in a Series B funding round.
The funding round was led by Cota Capital and included seven new investors. To date, the Boston-based company has raised a total of $77 million.
Activ Surgical is developing a hardware-agnostic platform with ActivInsights augmented reality-based software for autonomous and collaborative surgery through computer vision, artificial intelligence, machine learning, AR and robotics.
The company has earmarked the funds from the Series B round to support the commercial availability of the ActivInsights software suite including the first Insight AR-based overlay that displays tissue perfusion in real-time without the need for traditional dyes. Activ Surgical also said it would use the funds to support commercialization in the U.S. and pursue a CE mark approval to support the global launch of the products.
As part of the fundraising round, Cota Capital partner Bobby Yazdani will join Activ Surgical’s board of directors. Yazdani has more than 30 years of entrepreneurial experience and more than 20 years of investing in technology companies.
“Activ Surgical is on pace to solve the ‘last mile’ challenge for the surgical field and revolutionize the operating room as we know it,” said Yazdani. “The company’s cutting-edge product portfolio, coupled with its talented and experienced leadership team and staff, has the potential to deliver world-class surgery, regardless of geography or economic status, while helping to save lives and reduce medical complications. We are thrilled to be the lead investor on this Series B fundraise and are excited about what the future holds for the company and its technology.”
CEO Todd Usen noted FDA clearance earlier this year of ActivSight, the company’s intraoperative imaging module for enhanced surgical visualization. The company also received its first U.S. patent for ActivSight, completed first in-human clinical trials and grew its team by 35%. (Usen discussed Activ Surgical’s work during a March 2021 DeviceTalks Weekly podcast.)
“The addition of seven new investors spanning the medical and technology industries is a wonderful testament to our team’s vision and work to date,” Usen said. “We are thrilled to be supported by this diverse group of investors, and we welcome Bobby to our board as we look to make our ActivInsights software suite commercially available in 2022.”