FundamentalVR, a London-based virtual reality (VR) startup, has raised $20 million (£16.3M) in a Series B funding round for its immersive medical training tech.
The startup said it will use the new funding to further develop its tech platform and expand its business geographically, with a focus on the US.
The round was led by EQT Life Sciences, a health tech-focused investment firm established in 2022 by the private equity company EQT Partners. Previous investor Downing Ventures also participated in the round.
Founded in 2012, FundamentalVR has developed a medical simulation platform that combines virtual reality and haptic feedback to give training surgeons a way to practice procedures. The startup claims its tech can accurately mimic the sights, sounds, and physical touch of real surgery.
Speaking about the platform, Richard Vincent, Co-founder and Chief Executive of FundamentalVR, said,
“Our platform can conduct a walkthrough of a procedure through to a full operation, facilitating surgical skills transfer. Our immersive environments transform surgical skills acquisition in a scalable, low-cost, multiuser way. We are excited to scale our vision of creating a medical education environment unhindered by borders.”
Drew Burdon, Partner at EQT Life Sciences, said,
“With increasingly complex surgical procedures, it is important to provide medical professionals with new methods for surgical skills transfer and continued training and education while managing both the cost and time burden associated with these activities.
HapticVRTM is a differentiated approach which has already been adopted by a number of high-quality customers, in a short period of time, demonstrating the value that this system can add today.”
As part of the investment, Drew Burdon has joined the board of directors for FundamentalVR.
FundamentalVR has partnered with notable medical institutions, including the Mayo Clinic and Sana Kliniken.
The current round follows a £4.3 million Series A round led by Downing Ventures in October 2019. With the latest funding, the company has raised a total of $30 million (£24.5 million) to date.