US-based medical technology company Medivis has accumulated $20m to advance augmented reality (AR) surgery in its latest Series A funding round.
Medivis uses AR and artificial intelligence (AI) to improve surgical care with its FDA-approved SurgicalAR imaging platform.
Overlaying visualisations on patients’ bodies, AR tools can improve the precision and safety of medical procedures. The overlays map the patient’s internal anatomy onto their body, enabling less invasive surgeries.
In addition, AR technology can show the doctor 3D visualisations of the patient’s anatomy or relevant prompts during surgery regarding allergies, medical history, and vital signs. Finally, surgeons can practise in rendered operating theatres before operating on a human.
The latest funding round was led by Thrive Capital, Initialized Capital and Mayo Clinic with additional investors such as Disney CEO Bob Iger, professional basketball player Kevin Durant, Dr Robert Spetzler, Hugo Barra and Coalition Operators.
The company has said the new funds will be used to develop engineering, obtain regulatory clearances and globally commercialise across multiple fields, including neurosurgery, orthopaedic surgery, interventional radiology and reconstructive surgery.
Medivis co-founder Dr Christopher Morley said: “Spatial computing will change every industry, but none more importantly than healthcare, where it will advance the way, we perform a wide range of routine and complex interventions. Our partnerships speak to how far the technology has come, the growing market adoption and the paths we see ahead to profound value creation.”
In 2020 the AR sector was valued at $7bn and is expected to reach $152bn by 2030, growing at a compound annual growth rate (CAGR) of 36% over the ten-year period, according to GlobalData estimates.