UK virtual reality (VR) training company FundamentalVR has received a $4.8m Series A funding round, which will be invested in training surgeons using VR and touch-controlled technology.
Through its Fundamental Surgery education platform, the company provides surgeons with “flight simulation” technology, enabling them to practice and rehearse procedures in a safe, controlled space that is as close to real life as possible.
Fundamental Surgery does this using HapticVR — VR simulations alongside cutting-edge haptics — which allows users to interact with and control technology through touch.
Tern, the UK-based internet of things (IoT) investment company holding a 34.7% share in FundamentalVR, announced the funding round on 30 October.
Tern CEO Al Sisto believes this investment will help FundamentalVR in its attempt to “revolutionise” the development of skills in surgical practice.
He said: “We identified early on that FundamentalVR’s team was developing a platform that was very special.
“Changing the approach to learning and deploying new procedures and products in the world of healthcare is of critical importance for everyone’s future and FundamentalVR is leading the way.”
HapticVR in virtual reality surgery
Tern claims Fundamental Surgery is the first surgical simulation software system to deploy HapticVR.
The technology is low-cost, readily-available, and can be used on any modern computer or laptop.
Fundamental Surgery says it uses HapticVR to provide surgeons in hospitals and medical learning centres with hands-on experience — the benefits of which are well-documented, and result in better patient outcomes.
Total hip or knee replacement procedures are currently available to practice using Fundamental Surgery’s HapticVR.
Simulations of facetectomy procedures to decompress spinal nerve roots, and inserting a pedicle screw into the spine following a spinal fusion have also been developed.
Funding round is an ‘important milestone’ for FundamentalVR
The Series A funding round — the first significant capital injection FundamentalVR has received — was led by London-based investment company Downing Ventures.
UK investment service Epic Private Equity and French EdTech investor Brighteye Ventures also participated.
Leading medical institutions, including American academic healthcare centre Mayo Clinic, and Sana Kliniken, one of the largest hospital organisations in Germany, also took part in the funding round.
Tern believes this line-up is a “strong endorsement” of the quality FundamentalVR is offering.
The VR company has a post-money valuation of £11.3m ($14.6m) following the funding round.
Sisto said: “This is an important milestone for FundamentalVR and it epitomises Tern’s strategy to invest in great teams and ideas, not only through the provision of capital, but also with active support and advice for the benefit of our shareholders.
“We are delighted the value and relevance of this exciting business and its entire staff has been recognised by this outstanding syndicate of new investors we helped solidify.
“We look forward to announcing further important developments from the company.”
