This morning FundamentalVR, a digital health company that uses virtual reality to help train clinicians, closed a $5.67 million Series A round. Downing Ventures led the round with participation from Tern PLC, Epic Private Equity and Brighteye Ventures. Approximately $600,000 of that funding came in the form of a convertible loan note.
WHAT IS THIS
FundamentalVR’s surgical training platform combines VR and haptic sensors. These allow the user to receive physical feedback during a training procedure that better simulates the feel of actually performing the operation. Each user can log into their personal account and track progress or access assessments. It also allows administrators to give feedback to students or surgical staff.
In addition, FundamentalVR has augmented reality training programs using the HoloLens. These will allow more than one student to interact with the training at a time and work together.
WHAT IT’S FOR
The latest funding will be put towards growing the company’s Fundamental Surgery platform.
This announcement comes exactly a year after the company announced a $1.4 million raise. At the same time the company announced that it would be working with the Mayo Clinic to develop new simulations and validate its technology.
However, this isn’t the only educational VR system in health, as Osso VR's tool takes a similar approach to surgical training.
ON THE RECORD
“We identified early on that FundamentalVR’s team was developing a platform that was very special. A training and data analysis offering which could revolutionize 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 recognized by this outstanding syndicate of new investors we helped solidify,” Tern PLC CEO Al Sisto said in a statement.