Augmedics has always been known for overcoming the odds.
In the early days of the pandemic, when the world came to a screeching halt, the Chicago, IL-based company’s employees formed Aug Management, a limited liability company, and raised $4 million of a $15 million series B round.
Now, in a turbulent economy when layoffs have become the norm in medtech, the pioneer in augmented reality (AR) surgical navigation has closed an $82.5 million series D financing.
“To close an $82.5M round in the current fundraising environment is a testament to the dramatic impact Augmedics is making on the field of spine surgery. The accomplishment is underscored by the tremendous achievement of 4,000 patient lives impacted,” Augmedics President & CEO Kevin Hykes said in a release. “We are pleased to secure the resources to continue leading the market in the adoption of augmented reality spine surgery.”
The round was led by Dallas-based CPMG and adds Evidity Health Capital as a syndicate partner, with participation from current investors H.I.G. Capital, Revival Healthcare Capital, Almeda Ventures, and others.
The funds will support Augmedics’ rapidly expanding US commercial footprint as well as the delivery of next-generation platform advancements which will enable mass-scale adoption of the company’s xvision technology.
The xvision Spine System allows surgeons to see patients’ anatomy as if they have “x-ray vision” and accurately navigate instruments and implants during spine procedures. The device made history in December 2019 as the first FDA-approved AR navigation system.
xvision has been used to treat more than 4,000 patients and implant more than 20,000 pedicle screws across 21 states. Augmedics said the company has xvision has consistently demonstrated 97% to 100% accuracy of pedicle screw placement across multiple studies.
"In a field where many make claims about the benefits of augmented reality in surgery, Augmedics stands apart with a proprietary AR navigation solution, delivering best-in-class surgical accuracy daily to ORs across the country," said CMPG’s Kent McGaughy. "For nearly two decades, we have studied and invested in enabling surgical technology. We are excited to partner with Augmedics, the clear leader in augmented reality surgery."
