FundamentalVR Secures $5.6M Series A Funding to Advance VR-Based Medical Training and Data Analytics Platform

VCBeat (WeChat ID: vcbeat) learned from foreign media that on October 30, 2019, FundamentalVR, a provider of VR medical solutions, announced it had secured $5.6 million in Series A financing, including approximately $643,000 in convertible loan notes that have since been converted into equity. The round was led by Downing Ventures, with participation from Epic Private Equity, Brighteyes Ventures, and two healthcare institutions: the Mayo Clinic and Germany’s Sana Kliniken.

The proceeds from this funding round will be used to develop FundamentalVR’s virtual reality medical training and data analytics platform.

FundamentalVR, founded in 2012 and headquartered in London, UK, currently offers a foundational surgical simulation platform that integrates virtual reality (VR) with haptic feedback. Previously, the company developed a training device combining the HoloLens headset with a stylus connected to a standard robotic arm. In physical space, the movable stylus appears as a syringe within the VR environment, allowing users to fill or empty fluid via buttons. When the virtual needle contacts virtual skin, muscle, or bone, the varying resistance offered by these different tissues is transmitted through the stylus to the user, providing a realistic hands-on injection experience.

FundamentalVR’s existing basic surgical simulation platform integrates VR with haptic feedback through HaopticVR’s surgical simulation software system. The platform delivers customized medical training experiences in virtual and mixed reality environments, covering a wide range of specialties including minimally invasive surgery (MIS)/laparoscopy, ophthalmology, otolaryngology, and neurosurgery.

FundamentalVR’s first system is used for medical training and data analysis in knee arthroscopy. This system was custom-built for the pharmaceutical company Pacira to enable clinicians to learn how to administer Exparel, a newly developed anesthetic by the company.

According to foreign media reports, following the completion of this funding round, FundamentalVR’s latest valuation will reach $14.5 million, representing a 27% increase from its $2.4 million financing round in 2018. After this round of financing, Tern will hold a 26.9% stake in FundamentalVR.

Al Sisto, CEO of Tern, stated in a press release: “We have long recognized that the team at FundamentalVR is developing a highly specialized platform—a training and data analytics product poised to revolutionize the development of surgical skills while creating a database of significant importance to the industry.”

Downing Ventures, established in 2014, is a venture capital firm headquartered in London, UK. As a subsidiary of Downing LLP, it primarily invests in early-stage and growth-stage technology companies.

Epic Private Equity, established in 2001 and headquartered in London, UK, is a private equity firm with offices in London, Hong Kong, China, and India, managing total assets exceeding £1.2 billion.

Brighteyes Ventures, established in 2017 and headquartered in Paris, France, is an early-stage venture capital firm primarily investing in the technology, education, and media sectors.

(Compiled by He Li)