Auckland, New Zealand-based Formus Labs followed the $5 million fundraising with the public launch of its orthopedic surgery planning solution for providing surgeons with insight into the pre-operation planning process, according to a news release.
VC firm GD1 led the investment, with Punakaiki Fund, Icehouse Ventures, Pacific Channel and Flying Kiwis also participating. Formus said it plans to use the funds to accelerate product development and its expansion into the U.S.
The partnership with Zimmer Biomet will see the co-development and commercialization of the Formus Hip in Australia and New Zealand as well as the investigation of international markets for global expansion.
Formus designed its platform to fully automate the joint replacement planning process, using AI and biomechanics to produce fully interactive 3D models to pinpoint the size and orientation required before a patient ever enters the operating room. It also allows surgeons to work on cases remotely at any hospital anywhere, reducing patient wait times and improving workflow.
The company plans to officially launch its product offering in Australia and New Zealand this month and will follow that with focused and strategic product evaluation in the U.S. after expected FDA approval in the second quarter of this year.
“Everyone knows someone that has had a joint replacement, but few know just how complex, variable, and costly the process can be,” Formus Labs Founder and CEO Dr. Ju Zhang said in the release. “Our goal is to make orthopedic surgery as simple as it can be by arming surgeons with the latest cutting-edge technology so every joint replacement has a Formus plan that reduces the need for revisions, instills confidence, and facilitates better outcomes for patients, at a lower cost.”