Augmedics, a Chicago startup that’s working to improve the process and outcomes of spinal surgeries with augmented reality, announced Tuesday that it raised $82.5 million fresh funding.
The Series D is coming from a mix of both financial and strategic investors. CPMG led the round, and Evidity Health Capital is coming in as a “syndicate partner,” with previous backers Revival Healthcare Capital, Almeda Ventures and H.I.G. Capital also participating. CPMG’s Kent McGaughty and Evidity’s Paul Enever will also join Augmedics’ board of directors.
Augmedics is perhaps best known for its xvision Spine System — a headset device that uses AR to overlay an image of a patient’s spine on their back while performing surgery, essentially giving them “x-ray vision.” It allows doctors to continue performing surgery on a patient without having to look away at any other screens, leading to better control and accuracy during spine procedures, according to the company.
Augmedics received FDA 510(k) clearance for the technology in 2019, and deployed it commercially in 2020. It has since been used in a record 4,000 procedures, according to the company.
Now, this fresh funding will be used to support Augmedics’ rapidly expanding U.S. commercial footprint, as well as build the next generation of the platform, which combines software with its xvision technology. In March of 2023, the company rolled out its first artificial intelligence application, laying the groundwork for future platform developments that can be further supported by the Series D round.
“To close an $82.5 million 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 and CEO Kevin Hykes said in a statement. “We are pleased to secure the resources to continue leading the market in the adoption of augmented reality spine surgery.”
