Global cloud-based surgical software company Cydar Medical has completed a $11.5 million (£9.3 million) Series A funding round.
The round includes a $3.7 million (£3 million) cornerstone investment by Pembroke Venture Capital Trust (VCT).
Proceeds from the round will enable the company to advance its AI surgical maps platform and also bolster its ongoing commercial expansion.
Paul Mussenden, Chief Executive Officer of Cydar Medical, said:
“We are pleased to have closed this Series A funding round backed by Pembroke VCT and Downing Healthcare Ventures EIS.
“This latest funding round will enable us to accelerate our vision of using AI to bring novel integrated solutions to every step of the patient journey in image guided MIS.”
Cydar Medical uses cutting-edge AI technology to transform the way information is provided to clinicians undertaking image-guided minimally invasive surgery (MIS) simplifying complexities within operating theatres.
The Company’s lead product, Cydar EV Maps, is being used at hospitals across the globe to optimise endovascular MIS procedures.
Cydar EV Maps creates a patient specific 3D map of soft tissue, providing an integrated solution for procedure planning, intra-operative navigation and post-procedure review.
The AI and automation of processes within the novel software have been shown to increase clinician confidence and reduce procedure times, reduce radiation exposure for patients and the clinical team and boost clinical workflow efficiencie .
As the AI learns from surgical procedures it can help better inform clinical decision-making and future care, the company said.
Mussenden added:
“Cydar Medical is at a key inflection point and we are working to leverage our novel world-class platform and capabilities to rapidly scale our intelligent surgical maps offering through increasing the number of end-users and launching additional value-add capabilities on the platform.
“We look forward to executing on our strategy and progressing towards our vision of using Cydar’s technology platform to create an ecosystem of products, tools and services to improve delivery of healthcare to enable a world where all surgery conducted works exactly as planned.”
