Activ Surgical, a digital surgery pioneer, has raised $45 million in a Series B financing round. The Series B round was led by Cota Capital, a multi-stage investment firm focused on private and public modern enterprise technology companies.
Seven new investors, including BAM Funds, Magnetar Capital, Mint Ventures, Castor Ventures, Dream One Vision and Nvidia, join existing investors DNS Capital,Tao Capital Partners, LRVHealth, Rising Tide VC, GreatPoint Ventures and ARTIS Ventures to close out the Series B round of financing.
To date, Activ Surgical has raised a total of $77 million.
Activ Surgical is building a hardware-agnostic platform, including the recently announced ActivInsights augmented reality-based software suite, to enable autonomous and collaborative surgery through the integration of computer vision, artificial intelligence, machine learning, AR and robotics.
The company will use this Series B financing round to support the commercial availability of the ActivInsights software suite, including the first Insight – an AR-based overlay that displays tissue perfusion in real time without the use of traditional dyes.
Activ Surgical will also use the funds to support commercialization in the US, pursue a CE mark in support of the global rollout and further enhance the ActivInsights software platform and to develop its first ML-based insights.
In conjunction with this fundraise, the Activ Surgical board of directors will expand to include Bobby Yazdani, founder and partner from Cota Capital. Yazdani has more than three decades of entrepreneurial experience, including 20+ years of investing in technology companies, in Silicon Valley and formed Cota Capital in 2014.
Yazdani will serve on Activ Surgical’s Board of Directors alongside current board members Ameena El-Bibany, ARTIS Ventures; Will Cowen, LRVHealth; Emily Casey, DNS Capital; Ashok Krishnamurthi, Great Point Ventures; Paul Meister, Independent Board Member; Dr Peter Kim, Activ Surgical; and Todd Usen, Activ Surgical.
Yazdani says: “Activ Surgical is on pace to solve the ‘last mile’ challenge for the surgical field and revolutionize the operating room as we know it.
“The company’s cutting-edge product portfolio, coupled with its talented and experienced leadership team and staff, has the potential to deliver world class surgery, regardless of geography or economic status, while helping to save lives and reduce medical complications.
“We are thrilled to be the lead investor on this Series B fundraise and are excited about what the future holds for the company and its technology.”
Todd Usen, CEO, Activ Surgical, says: “2021 continues to be a critical year for Activ Surgical as we are laser focused on democratizing surgical care at the global level.
“We received FDA clearance for our ActivSight enhanced visualization module that will power the ActivInsights software suite, and were issued our first US patent for ActivSight, as well as completed our first in-human clinical trials and have grown our team by 35 percent.
“The addition of seven new investors spanning the medical and technology industries is a wonderful testament to our team’s vision and work to-date. We are thrilled to be supported by this diverse group of investors, and we welcome Bobby to our Board as we look to make our ActivInsights software suite commercially available in 2022.”
Renee Yao, global healthcare AI startups lead at Nvidia, says: “Activ Surgical is on a mission to empower surgeons with the critical information they need.
“Their team is fusing together technologies to enable real-time intelligence and visualization for the operating room of the future.”