Augmedics continues to go from strength to strength. Under the leadership of President and Chief Commercial Officer Tim Murawski, the medical technology company is consistently achieving new success. A pioneer in blending augmented reality into healthcare, Augmedics has had a remarkable year so far in 2021. Along with continuing to perfect its flagship xvision product, the company has recently announced the news that will help guide it through the rest of the year. What’s more, the first and second quarters of 2021 could help lay the groundwork for the future of this innovative company.
First, a little about Augmedics and its role in transforming how operating room teams work with immersive technology.
The future of healthcare will rely on blending medical expertise with innovative technologies. This is the path Augmedics has set out for itself. Through their xvision system, the company is bringing augmented reality to hospitals and medical centers around the world. Augmented reality is a technology that overlays digital elements in the real world. This allows physicians to ‘see’ 3D visualizations of the spinal system. Almost like x-ray vision, augmented reality helps OR teams see-through skin and tissue during operations. This makes it much easier to navigate tricky spinal procedures and creates better patient outcomes.
The first augmented reality tech product to ever be used in medical procedures, Augmedics is bringing better control and stability to the operating room. And, through the work of company leaders like Tim Murawski, is continuing to raise vital funding and create new solutions in the healthcare space.
Along with continuing to innovate in the augmented reality space, Augmedics saw a successful first-quarter fundraising campaign in 2021. The pioneer in medical technology raised over $36 million in Series C financing through an international syndicate of Israel-US investors. This successful fundraising venture comes just 8 months after the company closed a $21 million Series B financing in 2020. This funding will help lead Augmedic’s commercial success to new heights, paving the way for continued growth and innovation.
As new executive chairman Rick Anderson noted, “Augmented reality is at the leading edge of medical technology innovation in navigation and digital surgery. The majority of spine and orthopedic procedures performed today are done without navigation and we have the opportunity to significantly improve outcomes for patients and physicians alike. The xvision Spine System may enable operating physicians to be better, faster, and more accurate, providing a significant runway for expansion in the currently approved indication and beyond. We are excited to partner with [the Augmedics team] to bring this revolutionary technology to surgeons around the world.”
In addition to reaching over $63 million in funding since starting in 2019, the company has also recently announced new board leadership. In July, Augmedics announced Rick Anderson and Bradley Paddock would be joining as executive chairman and independent director, respectively.
A specialist in emerging healthcare companies, Anderson is providing Augmedics with over 30 years of executive and investment experience. Along with providing his expertise on the Augmedics board, Anderson also serves as the chairman of Revival Healthcare Capital. This Texas-based private equity firm specializes in medical devices and diagnostics.
Bradley Paddock brings over 25 years of experience as a medical device executive. After excelling in prior executive leadership roles in companies like Stryker and Bausch + Lomb, Paddock is now the president and CEO of CeQur SA. This medical device company pioneers new advances in insulin delivery systems. As board director of Augmedics, his background in integrations, acquisitions, and cost-saving strategies will be highly valuable.
On these new additions, Augmedics founder and CEO Nissan Elimelech said, “Rick and Brad have provided invaluable guidance from the start. We are delighted to have the leadership of these two renowned industry veterans as we continue to bring xvision to surgeons across the U.S. and revolutionize the way spine surgery is done.”
Through dedicated, driven leadership by executives like Tim Murawski, Augmedics and its xvision system continue to achieve new success. Creating new solutions in the healthcare space can be a long, difficult process. It takes a problem-solving mindset and the combined effort of teams at every level of an organization. But under great leadership, innovation and creativity can thrive. And through that ingenuity, patients can receive higher quality care than was ever possible before.
Thanks to these teams and leaders like Tim Murawski, Augmedics is planning exciting things for the future. After cementing the success of the xvision system, the company wants to explore new avenues of medical applications beyond the realm of spinal procedures. The system itself has a small footprint and economical cost and could prove to be easily integrated into a variety of medical facilities. This would allow the xvision system and Augmedics to shape patient care beyond its original intended context.
After facing a risky launch led by Mr. Murawski, the commercial and medical success of the xvision system proved that the company had great potential. And now, that potential is quickly expanding as Augmedics continues to grow, both in leadership and financial ability.