Virtual reality (VR) medical training platform Osso VR announced on Thursday it had earned roughly $66 million USD in a round of Series C funding.
Oak HC/FT led the funding round with contributions from GSR Ventures, Signalfire, Tiger Global Management, and Kaiser Permanente Ventures, it was revealed.
According to the San Francisco-based company, it will use the capital raised to expand education on surgical procedures and knowledge to healthcare professionals as well as attract talent across the sector.
Today is an exciting day at Osso VR.
— Osso VR @AAOS (@Osso_VR) March 24, 2022
Employing the largest team of medical illustrators in the world, Osso VR also holds over 150 staff and has announced plans to expand massively across industries.
The firm’s VR solution actively trains surgical professionals, as individuals or jointly as teams, prior to conducting real-life surgeries in operating rooms, and removes obstacles to typical educational models such as travel, scheduling, and collaborative hurdles.
Surgeons can repeatedly train with bespoke modules to boost their efficacy, skills, and data retention using its vital instructional tools while monitoring performance and receiving feedback.
Osso VR also has numerous medical partnerships with major firms such as Johnson & Johnson, Zimmer Biomet, Stryker, and Smith + Nephew across surgical specialities, including cardiology, spinal, and general surgery.
Vig Chandramouli, Partner at Oak HC/FT, said,
“Oak HC/FT is continuously seeking new opportunities to support innovative companies impacting the healthcare industry in a meaningful way. Osso VR is well positioned to become the gold standard for all surgical training and continuing education, and we’re thrilled to work alongside this impassioned and committed team”
Osso VR Chief Executive and Co-Founder Justin Barad, MD added the future of his enterprise was “incredibly bright” and had “stayed true” to its mission to democratise healthcare.
He continued, stating,
“This round of investment supports the next step of our journey to provide access to all healthcare professionals. I couldn’t be more excited to take this next step with such a talented, passionate team”
The funding comes after Osso VR raised $27 million USD in Series B funding last year amid its rapid growth due to COVID-19, which forced the healthcare industry to adopt remote training solutions.
The company’s efforts and development earned it an Innovation Award at the celebrated SXSW for its XR solution and plans to attend the upcoming 2022 American Academy of Orthopedic Surgeons (AAOS) Annual Meeting in Chicago.