FundamentalVR announced it has raised $5.6 million in funding for its virtual reality medical training and data analysis platform.
The funding included a $643,000 loan note that was converted into an investment. Downing Ventures led the round, with participation from Epic Private Equity and Brighteyes Ventures. The participation of medical institutions — including the Mayo Clinic and Germany’s Sana Kliniken — is a big endorsement for the startup.
FundamentalVR has created the Fundamental Surgery education platform, a surgical simulation software system that uses HapticVR, which combines VR with the sense of touch.
With a valuation of $14.5 million, the company is worth 27% more than it was when it raised $2.4 million in 2018. Following the round, Tern will own 26.9% of FundamentalVR.
“We identified early on that FundamentalVR’s team was developing a platform that was very special,” said Tern CEO Al Sisto in a statement, “a training and data analysis offering which could revolutionize the skills development of surgical practice while at the same time creating a database of significant importance to the industry.”
FundamentalVR is not the only company bringing new technologies to the medical industry. MediView XR, for example, recently raised $4.5 million to give surgeons a kind of X-ray vision using augmented reality glasses and MRI data.