Caresyntax’s platform allows the capture of novel data to enhance surgical precision and patient safety. | Source: Caresyntax
Caresyntax GmbH this week raised it $180 million in a Series C extension and growth depth expansion round. The company said it aims to transform surgeries by implementing a scalable, end-to-end software and artificial intelligence platform.
“Together with our partners and investors, we are working towards deploying precision surgical tools, empowered by data and AI, to improve patient outcomes,” stated Dennis Kogan, co-founder and CEO of Caresyntax.
“This financing is not just an investment in Caresyntax, but [also] an investment in the future of surgery,” he said. “My gratitude extends to our investors who contribute to and believe in the power of smart data and AI usage in the operating room.”
Caresyntax claimed that its platform is medical-grade, interoperable, and allows the capture of data for new applications to enhance surgical precision and patient safety. The company serves over 30,000 surgical professionals across more than 3,000 operating rooms worldwide.
With offices in San Francisco and Berlin, Caresyntax said it delivers automation and actionable insights to hospitals, medical device companies, and insurance groups. It told Venture Beat that its vendor-neutral approach makes it “the Android of robotic surgery.”
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Caresyntax works to bring more data to surgery
Caresyntax said its surgical platform combines software, analytics, data science, and clinical services into a variety of modules. Users can use the modules individually or together through the company’s Software as a Service (SaaS) model.
The Internet of Things (IoT) systems have enabled surgeons to use data from surgical robots and communicate over long distances with no latency, it noted.
The platform also addresses critical data shortfalls and fragmentation challenges within the market, claimed the company. This data shortfall can hinder the progress of precision and data-assisted surgery in the $3 trillion global surgical market, Caresyntax said.
Caresyntax said its technology uses AI to collect, integrate, and analyze data. It asserted that its system provides caregivers with real-time and long-term clinical decision support to enhance the patient journey, boost hospital operational efficiency, and drive better patient outcomes and profitability.
Funding follows growth in the first half of 2024
Investors in the round included Symbiotic Capital, MTIP AG, BIONIQ Capital, PFM Health Sciences, Pictet Alternative Advisors, surgical.ai, BlackRock Innovation Capital, Aescuvest, Optum Ventures, Cure Capital, Relyens Group, Vesalius Biocapital, Lauxera Capital, Plug & Play Growth Fund, and ProAssurance Corp.
The financing included $80 million of equity and up to $100 million of growth debt facility. Caresyntax previously raised $45.6 million in December 2019.
“Symbiotic is thrilled to support Caresyntax in its mission to enhance surgical outcomes through its innovative platform, delivering benefits to stakeholders throughout the healthcare ecosystem,” said Himani Bhalla, chief investment officer of Symbiotic Capital. “We were impressed with Caresyntax’s growth across hospitals, medtechs, and insurers and look forward to working together to continue to scale their platform.”
Since the company’s 2021 Series C fundraising, Caresyntax said it has launched AI products that care teams are using internationally. It has also opened new markets relating to insurance underwriting and MedTech clinical outcome analysis.
This funding follows a successful first half of the year for the company, as it marked by over 75% growth in revenue and increased margins. Caresyntax said it demonstrated the expanding recognition and adoption of its healthcare platform in the U.S. and Europe, the Middle East, and Africa (EMEA).
The company said it plans to use the capital to scale customer adoption of surgical software tools and continue developing its AI and edge-to-cloud applications. The round also enables Caresyntax to continue its mergers and acquisitions strategy.
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