Avail Medsystems, the medical technology company pioneering telemedicine for the procedure room (“Procedural TelemedicineTM”), today announced that it has raised $100 million in Series B funding led by D1 Capital Partners, with participation from 8VC and existing investors. Avail previously raised $25 million in Series A and Series A-1 funding from investors including Lux Capital, Coatue, Sonder Capital, Playground Global, Baidu Ventures, and Refractor Capital.
This announcement comes weeks after Smith & Nephew singed up to use the telemedicinse solution of Avail Medsystems. (With this partnership S&N can provide remote, real-time collaboration services to its customers, directly in the OR. Smith+Nephew is the first Orthopaedics company to work with the Avail System and, starting immediately, will bring the power of remote collaboration to facilities across its extensive customer base.)
Today, between 25-100 percent of surgeries, depending on the type of procedure, require surgical teams to partner with outside experts, who need to be present in person to complete a surgery. Avail’s Procedural TelemedicineTM system gives a surgical team access to that expertise without having more people in an operating room, by allowing outside experts to stay outside and join remotely. As a result, patients benefit from their surgeons having access to the best healthcare expertise independent of location; hospitals and ambulatory surgery centers benefit from lower costs and infection risk; and medical device companies and their expert representatives benefit by more efficient and faster rollout of new products.
The Avail System consists of a portable console used by surgeons in the operating room, paired with a versatile app for experts advising remotely on the procedure. The technology was developed over a three-year period by a team with more than 400 years of combined medical technology development, sales, and marketing experience. While a remarkable advance for care givers and patients, traditional telemedicine systems lack the capabilities needed in operating rooms when patients are at their most vulnerable. Avail’s Procedural TelemedicineTM System is built specifically for the operating room and enables surgeons, outside experts, and the healthcare ecosystem to better serve patients by delivering the right knowledge, at the right time, to the right people.
Daniel Hawkins, Avail Medsystems CEO, said, “For too long, medical information sharing, and collaboration have depended on in-person communication, which is costly and time consuming and increases infection risk. Our purpose-built technology removes these barriers, enabling medical collaboration, information sharing, and training independent of location. While our journey began long before COVID-19, the pandemic has shone a spotlight on these issues and accelerated the need for remote presence in the operating room.
We are thrilled to welcome D1 Capital as our new lead investor as we continue to bring the Avail System to new clinical specialties and further penetrate those where we already have a presence, including a full range of cardiovascular interventions, neurology, electrophysiology, orthopedics, and general surgery. With this additional funding we will further improve access to medical expertise, save time and money for healthcare facilities, medical device companies and ultimately patients, and enable more rapid adoption of new medical technologies.”
James Rogers of D1 Capital said, “We are very excited to be a part of Avail’s mission to provide universal access to clinical and procedural expertise. Now more than ever, the medical community needs innovative technological solutions to pressing systemic problems. Avail Medsystems is disrupting the industry for the better. We look forward to helping Avail bring Procedural TelemedicineTM to every hospital and surgery center in the U.S. and abroad.”
Dr. Alexander Coon, Director of Endovascular and Cerebrovascular Neurosurgery at Carondelet Neurological Institute, said, “The Avail System is a game changer for remote procedural support and clinical education. There is no other technology that provides all of the capabilities that I need when I’m in the procedure room, including an easy to use integrated system, compact and mobile hardware, zero latency and high-quality imagery. Since first using the Avail Systems for a brain aneurysm surgery, it’s helped me save time and money, while increasing my productivity and capacity for training.”
Avail’s Procedural TelemedicineTM System is the first and only technology built to meet the specific needs of physicians and medical experts for remote collaboration during procedures or for clinical education and training
Source: Avail & BusinessWire