Hot off the heels of a US Food and Drug Administration (FDA) clearance for its surgical navigation platform in April, Proprio has secured $43m in a Series B financing round.
The round was conducted by existing and new investors and adds to previous venture financing and Series A rounds worth $7m and $23m respectively.
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Proprio is backed by DCVC (Data Collective), BOLD Capital Partners, Cota Capital, Intel, HTC, and Alan Frazier, founder of Frazier Healthcare Partners. Bird B. AG, a global investment partnership, joined the investment group in the Series B round.
In April this year, the FDA cleared the Seattle, US-based company’s lead product Paradigm. The platform combines light-field technology with artificial intelligence (AI) to provide a real-time 3D surgical navigation platform. Its advanced sensor suite captures high-definition multimodal intraoperative images, which are then fused with data with preoperative scans.
An advantage of the Paradigm system is it eliminates the need for intraoperative scans which can generate extra radiation exposure and increases procedure time. The company claims that the system can capture 250GB of data per hour.
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AI’s use in healthcare has gone from strength to strength, with the application in surgical navigation one of the biggest fuellers of its growth, according to a report by GlobalData.
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By GlobalData“We are just beginning to reveal the potential applications of Proprio’s technology and data,” said Gabriel Jones, CEO, and co-founder of Proprio.
“This investment arrives at a pivotal moment, as we perform our first-in-human cases and bring Paradigm to patients around the world. Together, these milestones are a testament to the unparalleled capabilities of the Proprio Paradigm and its potential to revolutionise surgery.”
Alf Grunwald, Executive Advisor of Bird B. AG said: “For some time, we have been searching for a company that has the potential to disrupt traditional medical device businesses at scale with data. Proprio represents that kind of opportunity, and we are honored to join the investment group.”
