Synaptive Medical said today that growth equity firm General Atlantic has made a strategic investment of an undisclosed amount in the company.
The Toronto-based medical device company said the investment from General Atlantic will help accelerate commercialization of the company’s current products, including its BrightMatter Guide brain imager.
“The healthcare industry is shifting toward an integrated delivery model that treats the whole patient from the diagnosis to surgery and beyond. Efficient medical imaging, combined with timely and effective care, is a critical driver of that change. Synaptive is developing novel imaging solutions that will help improve clinical outcomes for patients in partnership with the people and institutions that care for them. Partnering with an outstanding investor such as General Atlantic demonstrates our commitment to long-term growth. We look forward to leveraging GA’s deep healthcare expertise and strong track record backing high-growth companies,” Synaptive Medical prez Cameron Piron said in a press release.
The BrightMatter Guide provides 3D visuals of the brain in the operating room, which help guide surgeons as they pursue neurological procedures, Synaptive Medical said. During surgery, the images are placed over an anatomical scan, offering a way to visualize the inside of the brain.
“I am pleased about the partnership between Synaptive Medical and growth equity firm General Atlantic. It will help Ontario-based Synaptive continue its rapid growth and provide better outcomes for patients. It is strategic collaborations such as this one that are helping drive Ontario’s knowledge-based economy,” Ontario Minister of research, innovation and science Reza Moridi said in a prepared statement.
As part of the funding, General Atlantic principal David Caluori and managing director Alex Crisses will join Synaptive’s board as a member and observer, respectively.
“We are excited to partner with Synaptive’s passionate team, whose commitment to innovation, engagement with surgeons, and passion for patient care, has built an incredibly unique suite of products. Synaptive’s vision for a better approach to surgery is highly disruptive and is expected to address pain points common to many surgical areas that we expect will enhance patient outcomes over time,” General Atlantic principal Caluori said in a prepared release.
“Synaptive marks the first investment by General Atlantic in the medical device sector, which speaks volumes to the attractive market opportunity we see in the healthcare technology industry,” General Atlantic managing director Crisses said in prepared remarks.
In July, Synaptive said it won Health Canada approval for its BrightMatter Guide brain imaging system, which provides 3D visuals of the brain in the operating room to help guide surgeons.
The company has also won a series of regulatory nods in the U.S. this year, beginning with FDA clearance in April to start marketing its 3D brain visualization technology. In May, Synaptive said it won 510(k) clearance from the federal safety watchdog for its ImageDrive Pro informatics system.