Augmedics, a pioneer in augmented reality surgical image guidance, raised $15 million in Series B funding under the leadership of its U. Oh, S Personnel In an almost unprecedented move, the company’s employees formed the limited liability company AUG Management LLC to raise $4 million in an effort to secure and successfully launch the company as a venture capital (VC) all but evaporated during the COVID-19 pandemic.
Augmedics announced U in December Oh, S Food and Drug Administration (FDA) clearance 510(k) and U Oh, S Launch of its xvision Spine (XVS) system, the first AR guidance system to be used in surgery. Xvision Spine allows surgeons to visualize a patient’s 3D spinal anatomy during surgery as if they had “x-ray vision” and to navigate the instruments and implants precisely while looking directly at the patient, rather than the remote screen. The system is designed to revolutionize how surgery is performed by giving the surgeon better control and visualization, which may lead to easier, faster and safer surgery.
Augmedics started the Series B fundraising in the third quarter of 2019 with the aim of closing the round by Q2 2020 after the successful commercialization of its groundbreaking xvision Spine System, scheduled for Q1 2020. While seeking a lead VC, the company raised SAFE investments (simple agreement on future equity) to continue operations. It received a number of VC bids and was set to make final investor decisions and sign term sheets in March, when the COVID-19 pandemic suddenly put an end to investor activity. That, compounded by a pause in elective procedures such as spine surgery, led Augmedics to take creative action in order to successfully launch its groundbreaking technology.
Inspired by the success of the company’s mission to date and the passion of its employees, Augmedics President and Chief Commercial Officer (CCO) Tim Murawski has made an unusual effort to raise funds internally. Employees believe so strongly in technology and the future of business that they are committed to securing the company and promoting its successful commercial launch. The 20 U, together with their families. Oh, S Employees have invested $4 million through AUG Management LLC Existing shareholders, AO Invest and Terralab Ventures, participated in the $3 financing round. 2M investment and undisclosed investors have converted the remaining $7. 8 million notes for SAFE
“The dedication of our team and the leadership of President and CCO Tim Murawski is surpassed only by the incredible innovation that they continue to demonstrate in the lab, in the field and at the board,” said Nissan Elimelech, founder and CEO of Augmedics. “The amount of money that Augmedics employees have committed to continuing operations shows how much they believe in what we do – in technology, strategy and leadership – even in these uncertain times. “That’s right.
“We’re a problem solver team,” said Tim Murawski, President and CCO, Augmedics. “The creativity and ingenuity of our company began when Augmedics started to solve the problem that our founder saw in the operating room, and it goes through every employee who works to make the vision a success. The global pandemic was just one more hurdle for us to navigate as a team, and we believe that it only made the company stronger. “That’s right.
The mission of Augmedics is to give surgeons more control by creating technological advances that meet their needs and fit into their workflow. The company’s flagship xvision spine system is designed to revolutionize surgery by providing surgeons with the information they need, directly within their field of vision, to instill technological confidence in the surgical workflow and help them do their job as effectively and as safely as possible.
The Augmedics xvision Spine System has now been successfully launched and is being used in renowned hospitals and surgical centers in the U. Oh, S Helping surgeons to provide patient care with confidence and efficiency
Augmedics is planning to explore additional surgical applications for xvision beyond spinal surgery The small footprint, economic cost and compatibility of the system with current equipment is designed to allow easy integration into any surgical facility nationwide.
About Augmedic
With Augmedics, the future of surgery is in sight. Chicago-based company aims to improve healthcare by increasing the use of state-of-the-art surgery that solves unmet clinical needs and instills technological confidence in the surgical workflow. Its pioneering xvision system, the first augmented reality guidance system for surgery, allows surgeons to “see” the patient’s anatomy through the skin and tissue as if they had “x-ray vision” and to navigate the instruments and implants precisely during spine procedures. Augmedics is supported by Terra Venture Partners and AO Invest, the venture arm of the AO Foundation. The AO is a medically-led, non-profit organization, a global network of surgeons, and the world’s leading education, innovation and research organization for trauma surgery and musculoskeletal disorders. Visit www for more information. Augmedic Come on,
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