Neo Medical SA, a Swiss technology company specialising in spine surgery, has announced the successful completion of its Series B financing round, including the conversion of existing shareholder loans. With this financing round, Neo has secured an additional equity investment of up to 68 million USD, (CHF 58 million) to accelerate its global growth.
Led by Gyrus Capital SA, alongside the participation of existing investors, including founders Vincent Lefauconnier and Jonas Larsson, this landmark round is “one of the most significant in the spine industry in the last decade” according to the company.
The proceeds will be used to increase Neo’s market share in key regions with an immediate focus on expanding the US business, deploying new, complementary, and disruptive products, and enhancing the capabilities of its AI-driven augmented reality intraoperative data platform, ADVISE. With ADVISE, the company says its portfolio of advanced surgical technologies, Neo Universal, represents a ‘significant’ step forward for the 7.6 billion USD global thoracolumbar fusion market.
“Thoracolumbar spine surgery is a large market that has lacked disruptive innovation for decades – the spine sector needs innovation to improve patient outcomes and drive positive change for all stakeholders,” said Vincent Lefauconnier, Neo Medical CEO and Co-Founder. “This is precisely what we have set out to achieve with Neo Universal, a platform introducing new technological and structural approaches to create real value both inside and outside the operating theatre. After successfully entering key markets, we are ready to scale. This funding will enable us to grow and push the boundaries of what is possible in spine surgery, bringing our solutions to more healthcare providers and, most importantly, improving outcomes for patients.”
Dr. Robert Watson, Partner and Co-Founder of Gyrus said: “Neo Medical’s vision and product platform has already proven itself in Europe and is poised to expand rapidly in the US. The sustainable commercialisation of Neo’s integrated portfolio of technologies and innovative service model strategically positions the company to scale and capitalise on evolving market trends, including within outpatient centers. We are excited to partner with the management team and support Neo’s vision in redefining patient care.”
Since commercial launch in 2016, Neo’s technologies have been used to treat around 36,000 patients, with the company saying it is making significant progress in both operational and clinical performance compared to traditional standards. According to Neo, studies have shown that its products can cut implant failure rates by up to three-times, infection risk by half, and time spent in surgery by up to 29%, reducing the need for revisionary surgery by as much as 50%.
Lefauconnier added: “This raise is the next step in solidifying Neo Universal as one of the premier solutions on the market. Intended to treat thoracolumbar patients in inpatient and outpatient settings, it supports both MIS and open approaches. Launching extended capabilities for complex surgery will soon optimise our platform coverage from ambulatory surgery to ever more complex trauma and deformity.”
This article was originally published on med-technews