FundamentalVR, the award-winning medical tech company, has announced a £4.3 million Series A led by Downing Ventures, with support from Tern, Epic Private Equity, and Brighteyes Ventures. The round is also joined by leading medical institutions, including Mayo Clinic, one of America’s leading medical centres, and Sana Kliniken, the third largest hospital organisation in Germany.
The funding round includes a £0.5 million convertible loan note conversion, with a post-money valuation of £11.3 million.
The UK-based company has developed a virtual reality training and data analysis platform, which is likened to a “flight simulator for surgeons.” FundamentalVR’s Fundamental Surgery education platform is the first surgical simulation software to deploy HapticVR, which combines VR with cutting-edge haptics (the sense of touch).
The technology has been recognized by The New York Times and Fast Company, landing on TIME Magazine’s Top 50 inventions of 2018 and receiving SXSW’s Interactive Innovation Award in 2019.
Commenting on the investment, Tern CEO Al Sisto said: “We identified early on that FundamentalVR’s team was developing a platform that was very special. A training and data analysis offering which could revolutionise the skills development of surgical practice, while at the same time creating a database of significant importance to the industry. We are delighted that 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.”