Augmented reality-based imaging company Augmedics announced that it raised $36 million in an oversubscribed Series C financing round.
Having closed a $21 million Series B round eight months ago, Chicago-based Augmedics has raised $63 million to date, according to a news release. The company plans to use the funds to continue commercialization efforts, develop the next generation of products, expand to new indications and garner CE mark approval in Europe.
H.I.G. Capital, Revival Healthcare Capital and Almeda Ventures led the financing round, while existing investor XR Invest and new investor HCA Healthcare Health Insight Capital also participated. As part of the financing, Bruce Robertson of H.I.G. and Rick Anderson of Revival will join Augmedics’ board and Almeda’s Amir Blatt will join as a board observer.
Augmedics develops the Xvision Spine, which it touts as the first AR guidance system to be used in surgery. The system is designed to allow surgeons to visualize the 3D spinal anatomy during surgery as if it were “X-ray vision.”
The vision allows the surgeon to accurately navigate instruments and implants while looking directly at the patient instead of a remote screen. The platform includes a transparent near-eye display headset and determines the position of surgical tools in real-time, while a virtual trajectory is superimposed on the patient’s CT data. The device then projects 3D navigation data onto the surgeon’s retina.
Augmedics won FDA 510(k) clearance for the Xvision Spine in December 2019. Sales for the platform began in the second half of 2020, as the company said it closed the year with over 250 spinal surgeries performed by the system.
“We are very pleased to have completed this large financing round led by H.I.G. Capital, Revival Healthcare Capital, and Almeda Ventures, which will enable us to promote and expand our operations and meet the strong demand we are experiencing for our technology in the U.S. following our commercial launch last year,” Augmedics CEO & founder Nissan Elimelech said in the release. “In this fundraising process, we could not have asked for stronger partners than H.I.G., Revival, and Almeda, who immediately recognized the enormous potential of Augmedics’ technology. We are also thrilled to have two key strategic partners invest in the round, including HCA Healthcare, the leading U.S. healthcare system.”