A Chicagoland medical device company raised a new round of funding as it works to help physicians better visualize their patients during surgery.
Augmedics announced Tuesday that it raised $36 million in a Series C round led by H.I.G. Capital, Revival Healthcare Capital and Almeda Ventures. Other investors include HCA Healthcare's Health Insight Capital, as well as existing investor XR Invest.
The startup has now raised $63 million to date. Augmedics last raised $15 million in June.
Based in Arlington Heights, Augmedics’ xvision Spine system is a device surgeons wear on their heads during spinal operations that allows them to see their patient better. Using augmented reality, the device lets doctors visualize the 3D spinal anatomy of a patient during surgery, giving them something similar to “x-ray vision,” Augmedics said. With the device, surgeons can accurately navigate instruments and implants while looking directly at the patient, rather than a screen.
The company's xvision Spine system received clearance in 2019 from the U.S. Food and Drug Administration, which allows it to be used in spinal surgeries. In 2020, the system was first used in a spinal surgery procedure by Johns Hopkins University surgeons. By the end of 2020, more than 250 spinal surgeries in the U.S. were performed with Augmedics’ system, the company said.
With the new financing, Augmedics said it will expand throughout U.S. health care systems and obtain clearance to sell the device in Europe.
Augmedics was founded by CEO Nissan Elimelech, a biomedical engineer by training, who before launching Augmedics, worked at medical device companies like Medtronic, according to his LinkedIn.
