Amsterdam-based Augmedit, a medical software company that develops augmented reality (AR) tools for surgeons, announced on Tuesday that it has raised more than €1M in its Seed round of funding.
The investment came from a consortium of Dutch and Swiss informal investors and the US-based venture capital fund Revere Partners.
Jeremy Krell, Managing Partner Revere, says, “We believe that AR will soon become indispensable in the oral and maxillofacial health care industries. The Augmedit team has demonstrated the skillset and drive to create solutions that change the way surgeries are performed by providers, for the benefit of patients. Our investment and our network will help allow Augmedit to boost the value of AR solutions in the coming years.”
Augmedit says it will use the funds to obtain CE certification and FDA clearance of its beachhead products for neurosurgeons as well as to scale up its technology to high volume/high impact applications outside of neurosurgery in both Europe and the US.
Claartje Ypma, CEO of Augmedit, says, “We are very excited to receive the support of multiple super angel investors and of Revere Partners VC. With Revere joining us, we expect to accelerate our market access in the US and use their know-how and network for our future products in the field of oral surgery.”
Receives €1.7M from EIC
Ypma also shared that the company has been granted €1.7M non-dilutive funding through the EIC Accelerator programme.
Augmedit introduced a complete and intuitive Augmented Reality workflow for clinical practice with its LumiNE light and LumiNE Elite applications. “LumiNE light is CE certified software that automatically generates holograms out of medical imaging for surgical preparation and patient education. The LumiNE Elite software projects these holograms on the patient in the operation room with a surgical plan to guide the surgeon. This holographic experience improves the insight of surgeons, making surgery safer and driving massive cost savings for medical institutions,” says the company.
According to Augmedit, the EIC funding will be used to finalise LumiNe Elite developments and CE certify this software. It will also be used to accelerate the sales of the current LumiNe light software for surgical preparation and patient education.
The European Innovation Council (EIC) was established under the EU Horizon Europe programme. It has a budget of €10.1B to support game-changing innovations throughout the lifecycle from early-stage research to proof of concept, technology transfer, and the financing and scale-up of startups and SMEs.
Medical software that guides doctors through complicated surgeries
Augmedit was founded in 2018 by Tristan van Doormaal – a neurosurgeon, Tom Mensink – AR specialist, and Claartje Ypma – a medtech entrepreneur. Augmedit introduces a complete and intuitive Augmented Reality (AR) workflow for clinical practice.
The company’s aim is to provide safe, reliable, affordable, and easy-to-work-with holograms. It looks to prepare better-individualised treatment plans, collaborate towards more effective surgical procedures in unprecedented ways, train medical staff and visually engage and educate patients and their families.
The company says, “Our vision is to become the leader in medical augmented reality applications to improve surgical outcomes for patients and drive massive cost savings for medical institutions.”
About Revere Partners
Revere Partners is the first VC fund solely dedicated to oral health, discovering opportunities for investors and funding technological breakthroughs in the oral and systemic health sectors. The fund offers a flexible and distinctive structure with continually open fundraising, allowing companies to interact with unequalled industry connections and development prospects.
Founded by Dr Jeremy Krell and David Arena, Revere Partners claims to create strategic collaborations that improve care delivery as well as patient and provider experiences, hence increasing value for investors.
Besides Krell and Arena, Revere Partners is backed by a world-renowned venture team, including former 13-year American Dental Association Executive Director Dr Kathy O’Loughlin and dental technology pioneer Dr Edward Zuckerberg.
