The Massive Financial Backing Comes As Rival Firms Compete for the Medical VR Training Market
Virtual reality (VR) surgery training platform Osso VR announced today it had reached a major milestone after investors raised $27 million USD in Series B funding.
Firms such as GSR Venture, along with Kaiser Permanente Venture, Signalfire, OCA Ventures and others, led the fundraising round.
Osso VR’s solutions have been offering medical teams on-demand, educational immersive experiences to help organisations evaluate and train staff to higher efficiency levels.
Major pharmaceutical firms such as Johnson & Johnson, Smith & Nephew, and Stryker have worked with the San Francisco-based VR firm to ensure patients safe access to procedures.
The news comes after the company experienced meteoric growth last year due to the ongoing COVID-19 pandemic, which forced the healthcare industry to adopt virtual and digital solutions.
Due to its rapid expansion and adoption of over 120 modules and 10 specialities, Osso VR added further disciplines such as endoscopy, orthopaedics, interventional procedures, and many others.
Dr Sunny Kumar, Partner at GSR Ventures, said:
“Osso VR is positioned to transform how surgeons are trained on new devices and surgical procedures. The Osso platform’s level of immersion provides an experience that mirrors the operating room in a manner more efficient, more accessible, and more effective than any surgical training platform that’s come before”
The medical training platform offers high levels of realism and detail to cover all aspects of surgery, including anatomics and operating room environments, with the world’s largest medical illustration team from top studios as Industrial Light & Magic, Microsoft, Electronic Arts, and Apple.
The solution also includes roughly 30,000 s essions with an average training time of 22,000 minutes a month to foster surgical performance.
Two Level-1 randomised peer-reviewed studies found surgeons training on Osso VR increased their performance from 230 percent to 306 percent overall, compared to surgeons not on the platform.
The news comes as the solution has been deployed in over 20 countries and adopted by over 20 global hospital residency programmes at universities such as Brown University, Rush University, Johns Hopkins University, the Hospital for Special surgery, and others.
Justin Barad, MD, Chief Executive and Co-Founder of Osso VR, said:
“Osso VR has been on an incredible journey. We have built a once-in-a-lifetime team, bringing together experts from healthcare, technology, movies and gaming to pursue our mission: improve patient outcomes, accelerate the adoption of more-effective surgical technologies and democratize access to education”
The developments come as rival firms compete for the VR training market, including the United Kingdom’s Virti and Canada’s PrecisionOS training platforms.
Bristol-based Virti recently earned $10 million USD in Series A funding for the company’s immersive surgery training solution, which Time Magazine named one of the Best Inventions of 2020.
Vancouver’s PrecisionOS became the first fully interactive VR robotics platform in the world, which uses the Oculust Quest headset along with robotics, cameras, and virtual patients.