CPMG and Evidity Health Capital join syndicate of US and Israeli investors
Augmedics also marks 4,000-patient milestone with xvision AR surgery platform
CHICAGO – June 27, 2023 – Augmedics, a pioneer in augmented reality (AR) surgical navigation, today announced the successful close of an $82.5 million Series D financing. The round was led by Dallas-based CPMG and adds Evidity Health Capital as a syndicate partner, with participation from current investors H.I.G. Capital, Revival Healthcare Capital, Almeda Ventures and others. The news comes the same week the company marks its record 4,000th US patient treated with the xvision Spine System® which uses augmented reality to give surgeons “x-ray vision” during surgery.
The funds will support Augmedics’ rapidly expanding US commercial footprint as well as the delivery of next-generation platform advancements which will enable mass-scale adoption of the xvision technology.
+4,000 patients & counting: paving the way in the growing field of AR spine surgery
The funding news comes on the heels of a new commercial milestone for the medtech company which has long been a leader in the novel and growing field of augmented reality surgery.
Named for its ability to give surgeons “x-ray vision,” xvision made history in December 2019 as the first FDA-approved AR navigation system for surgery. The cutting-edge technology superimposes critical data onto the surgical field, allowing surgeons to visualize patient anatomy through skin and tissue and to accurately navigate instruments and implants during spine surgery. Unlike traditional navigation systems, which require surgeons to continually look away to an ancillary screen, xvision allows surgeons to keep their eyes directly on the patient, lending better visualization, control, and accuracy during spine procedures.
Often described as a “game-changer” by surgeons, xvision has seen rapid adoption since its US commercial launch in 2020, including by numerous premier academic institutions across the country. As adoption accelerates, so do the system’s capabilities; Augmedics launched a significant platform expansion in March 2023 including the system’s first artificial intelligence (AI) application, laying the groundwork for future platform developments further supported by the financing.
“To close an $82.5M round in the current fundraising environment is a testament to the dramatic impact Augmedics is making on the field of spine surgery. The accomplishment is underscored by the tremendous achievement of 4,000 patient lives impacted,” said Augmedics President & CEO Kevin Hykes. “We are pleased to secure the resources to continue leading the market in the adoption of augmented reality spine surgery.”
“In CPMG and Evidity, we are proud to welcome two world-class partners who bring tremendous expertise to the table,” said Augmedics Chairman of the Board Rick Anderson. “This financing signifies the utmost confidence in the xvision technology and its role in redefining the standard of care for enabling technology in spine surgery. We are thrilled with this significant runway into the future as we execute against our mission to revolutionize surgery for patients and the surgeons who treat them.”
CMPG’s Kent McGaughy and Evidity’s Paul Enever will join Augmedics’ board of directors.
“In a field where many make claims about the benefits of augmented reality in surgery, Augmedics stands apart with a proprietary AR navigation solution, delivering best-in-class surgical accuracy daily to ORs across the country,” said McGaughy. “For nearly two decades, we have studied and invested in enabling surgical technology. We are excited to partner with Augmedics, the clear leader in augmented reality surgery.”
Augmedics pioneers cutting-edge augmented reality technologies to improve surgical outcomes. The company’s revolutionary xvision Spine System® allows surgeons to see patients’ anatomy as if they have “x-ray vision” and accurately navigate instruments and implants during spine procedures. The first-of-its-kind, FDA-cleared xvision has been used to treat over 4,000 patients and implant more than 20,000 pedicle screws across 21 US states. xvision has consistently demonstrated 97-100% accuracy of pedicle screw placement across multiple patient studies.
Augmedics has received numerous honors, including being named a 2021 Index Awards Finalist, a Fast Company World Changing Ideas Awards 2021 Finalist, and one of Time Magazine’s Best Inventions of 2020. It was recently featured in The Economist documentary How will businesses use the metaverse?