Finnish healthtech company Surgify Medical aims to make bone surgery safer. It develops an internationally recognised surgical drill. In order to bring this surgical drill to the market, Surgify Medical has secured funding €1.4M funding from both domestic and foreign investors.
Investment led by Innovestor Ventures
Well, the investment round was led by Finnish VC firm Innovestor Ventures along with Swedish investor Peter Lindell and Finnish angel investor and healthcare entrepreneur Leena Niemistö. The company has announced that it will use the investment to bring Surgify’s safer surgical drill to market.
“The company’s investors see significant challenges brought about by an ageing population, prompting a growth in the number of surgical patients. Today, global costs resulting from complications with surgical drills total over €4B annually,” according to a press release issued by the company.
”This third investment round is an important milestone for Surgify, and, combined with the market approval and patents, positions the company well for market entry. Despite long development cycles in the medical industry, we believe that our work will pay off and that we have a good foundation for building a global business”, says Visa Sippola, CEO of Surgify Medical.
Redefines bone surgeries
Surgify’s technology is intended to prevent nerve and blood vessel injuries caused by surgical drills, claims the company. Apart from being a safer option, as per the company, its technology helps bring down the time and money spent on surgeries. Besides performing surgical procedures in the head, neck, and spine areas, this tech can be used in dental procedures and surgical robotics as well.
”The technology developed and patented by us has worked excellently in pre-clinical trials and has prevented practically all relevant complications. We have raised the interest of leading hospitals in both Europe and the US, and the industry’s largest players have also expressed their interest in collaborating,” says Sippola.
Surgify claims to operate with the aim to redefine how the surgery is performed. The company received a sales approval for its product in May 2020, and since then, it has focused on developing its production. Potential factors leading to the adoption of the technology in hospitals include ease of use, expected reductions in surgical costs and related complications.
The startup has spent a significant amount of effort on product development and trials with numerous surgeons. The company is now bringing its technology to the market, aiming for first hospital customers in Finland and the Nordics next year. Also, it intends to expand into international markets soon.
About Surgify Medical
Surgify Medical was founded by Shahab Haeri, Visa Sippola, Juho Carpén, and Jukka Kreander in 2017. The technology was originally developed in collaboration with Aalto University and the Helsinki University Hospital Department of Neurosurgery. The patented safety mechanism prevents the drill from damaging significant soft tissues, including blood vessels and nerves, claims the company.
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