London-based FundamentalVR, a medical simulation platform, announced on Thursday that it has raised an additional $20M (approximately €19.4M) in its Series B round of funding. The funding follows the company’s €5M Series A round it raised in October 2019 bringing its total raised capital to over $30M (approximately €29.11M).
FundamentalVR says it will use the proceeds to further develop its HapticVRTM, the machine learning data insights product, and expand its services throughout the US.
Investors in this round
The investment was led by EQT Life Sciences investing from the LSP Health Economics Fund 2. Besides, existing investors Downing Ventures, Tern Plc and Sana Kliniken also participated in this round.
EQT Life Sciences was formed in 2022 after the integration of LSP, a leading European life sciences VC firm, into the EQT platform. As LSP, the firm raised over €3B and supported the growth of more than 150 companies since it started to invest over 30 years ago. The firm backs the “smartest” inventors whose ideas could make a difference for patients.
As part of the deal, Drew Burdon of EQT Life Sciences will join FundamentalVR’s Board of Directors.
A Fundamental Surgery education platform
Founded in 2012 by Chris Scattergood and Richard Vincent, FundamentalVR claims to be the world’s first scalable medical simulation platform that combines virtual reality and haptics through data, artificial intelligence, and multimodal learning.
Through the company’s HapticVR technology, which imitates the tactile touch of surgical actions, users can experience the sights, sounds, and bodily sensations of actual surgery. The platform immerses users in a supervised training setting to reduce the surgical risk for patients.
Co-founder Richard Vincent, says, “Our platform can conduct a walkthrough of a procedure through to a full operation, facilitating surgical skills transfer – which is why we have been enthusiastically embraced throughout the medical industry, from med-device manufacturers to pharmaceuticals. Our immersive environments transform surgical skills acquisition in a scalable, low-cost, multiuser way. We are excited to scale our vision of creating a medical education environment unhindered by borders.”
Currently, FundamentalVR’s simulations are available in over 30 countries to help life sciences, pharmaceutical, and med-device companies provide medical innovations in disciplines from ophthalmology to robotics, gene therapy, and more.
Additionally, medical facilities, hospitals, and surgical educators can scale professionally approved surgical instruction across their organisations, thanks to the company’s multiuser platform. FundamentalVR says its further growth will be fueled by collaborations with hospital systems, including flagship clients and investors Mayo Clinic and Sana Kliniken.
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