Activ Surgical, the Boston-based firm that wants to reduce the surgical errors through its products has announced raising $15 million in a venture funding round led by California-based Artis Ventures (AV). LRVHealth, DNS Capital, GreatPoint Ventures, Tao Capital Partners, and Rising Tide VC also participated in the financing. Prior to this around, Activ Surgical had picked $11 million on its Series A round in October last year. The current financing takes the total amount raised by the firm to $40.4 million.
Founded by Peter Kim in 2017, the firm gathers data that it collects through the sensors it has developed on the surgical tools. It then guides the surgeons and surgical systems using machine learning and AI-based visualizations.
The firm wants to use the current investment to accelerate its commercialization plans in the country and at the same time explore the European markets. The firm has developed ActivSight, a product launched by ActivEdge that attaches to existing laparoscopic and arthroscopic surgical instruments and significantly minimizes the potential errors.
The firm has been waiting to get the approval of its hardware products from the FDA as it plans to use it in the 4th quarter of the year. It has already joined hands with 8 hospitals in the country to test its products.
It will be interesting to see how things pan out once it gets approved but let’s hope that the firm’s products achieve what they wish as it eventually helps the humanity at the end of the day.
Image courtesy: The Robot Report