Funding to accelerate growth of surgical software platform
CHICAGO, April 18, 2019 /PRNewswire/ — ExplORer Surgical, a leading platform for intraoperative surgical and interventional procedure workflow management and analytics, announced today the closing of a new $5M financing round. Aphelion Capital, who led an initial Series A Financing round in September 2017, led the follow-on round with participation from all major existing and new investors. Kris Johnson, a former Medtronic executive and President of Affinity Capital Management, joins the Board of Directors.
“Since our initial investment, we have uncovered a true need for the ExplORer platform not only in hospitals, but within medical device companies as well. With so much budget allocated towards physician education, R&D and sales teams, it is critical for manufacturers to understand how their products are used in each of those settings,” said Ned Scheetz, managing partner of Aphelion Capital. “ExplORer supports all three of these functions, which speaks to the flexibility of their software, and we are excited to further develop our relationship with them.”
Aphelion Capital, based in Mill Valley, CA, invests across all stages and therapeutic areas within healthcare.
Leveraging a software as a service (“SaaS”) business model, the ExplORer platform is entirely cloud-based, serving as the digital playbook for hospital and device company teams to guide, track and analyze activity in the operating room, during training events and throughout the stages of clinical use. Each member of the team sees their own content on any connected device, which also collects important data live during procedures.
“Device companies invest heavily in training physicians and other health care professionals on the use of their products. In fact, to ensure safe and effective use of complicated technology, the FDA will frequently mandate training protocols,” said new board member Kris Johnson. “The ExplORer technology, which can be used both to guide and to document procedures, is an ideal tool for improving the effectiveness of the training these companies provide.”
“We’ve proven value in hospitals through an NSF SBIR study, in addition to an ongoing second research study at Indiana University. Now, in addition to further commercializing within hospitals, we are growing our use cases among medical device customers,” said CEO and co-founder Jennifer Fried. “We are fortunate to be supported by a strong, experienced investor base with confidence in our vision.”
To learn more, please visit www.explorersurgical.com
About Aphelion Capital
Aphelion Capital invests in medical technology companies across all stages and therapeutic areas, but strongly prefers investments in companies that improve quality of care while reducing costs in our healthcare system. The fund is generally a long-term investor in companies that they believe have superior products, strong management teams, and minimal capital requirements. They prefer private investments where they can partner with the company to enhance success and value appreciation. Aphelion leverages its substantial medical technology knowledge and deep networks to enhance returns for both the fund and the entrepreneurs in whom the fund invests.
SOURCE ExplORer Surgical