Precision OS Secures $2.3 Million in Series A Funding for Virtual Reality Orthopedic Surgical Education and Pre-Operative Planning Software
VANCOUVER, British Columbia--(BUSINESS WIRE)--Nov 14, 2018--Precision OS Technology (“Precision OS”) announced today that it has secured $2.3 million in Series A funding led by AO Invest, based in Davos, Switzerland, alongside other undisclosed investors.
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Precision OS provides orthopedic surgical education in virtual reality (VR). Its software allows practicing surgeons to perform simulated medical procedures in a realistic digital operating room and offers metric feedback to help users improve their techniques.
“Precision OS is delighted to be cooperating with an international organization that is a recognized leader in education for surgeons and operating room personnel around the world,” says Dr. Danny P. Goel, orthopedic surgeon, co-founder and CEO at Precision OS. “Precision OS technology is working to create a virtual language able to add depth of understanding that simply cannot be achieved using current simulation tools. Adopting VR as a way of improving decision-making is directly relevant for patients and value-based care.”
Precision OS is led by a diverse collection of individuals who are experts in their fields. Company co-founders Colin O’Connor (CTO) and Roberto Oliveira (CCO) have nearly 50 years of collective experience in the software and gaming industries. Their skill in VR development has allowed the team to create the gold standard for surgical education by building interactive simulations that objectify and enhance performance. Currently a practicing surgeon as well as CEO of Precision OS, Dr. Goel provides insight into patients’ medical needs and helps the software target working surgeons effectively.
“VR’s ability to offer a safe environment to make mistakes is highly valuable in providing surgeons with the building blocks on which to learn,” says Dr. Goel. “It allows surgeons to practice, improve their decision-making, and, importantly, have the opportunity to fail. This offers a great amount of value to our surgeons – and ultimately to our patients.”
“For all of us at AO Invest, as is the case for our partners at Precision OS, the patients and surgeons are always center stage: their needs are of the utmost importance to us,” said Michel Orsinger, chairman of AO Invest. “In addition to responding to requirements they have already identified, we also work to pre-empt needs that will arise as the healthcare environment changes and technology advances. We evaluated several VR companies all over the world, and Precision OS’s technology convinced us through its accuracy, quality, and overall approach to education in VR. The feel of the product is extremely impressive. We believe that their platform holds the potential to change surgical education and the standard of care globally.”
Looking ahead, Precision OS is working on developing a preoperative planning tool that allows surgeons to introduce images of a specific patient’s anatomy to the software prior to conducting a procedure.
“This area poses several challenges and novel ways to support surgeons all over the world,” says Dr. Goel. “Given our mission, we are aggressively working towards a solution to benefit the orthopedic patients of today and tomorrow.”
About AO Invest:
AO Invest is a newly-established investment fund focused on start-ups active in the field of musculoskeletal disorders. The fund is backed by the AO Foundation, a global network of more than 19,000 surgeons and scientists in orthopedics and trauma. The goal of AO Invest is to fund start-ups related to the AO Foundation’s core expertise, and use the Foundation’s unique reach and knowledge to help their companies achieve their full potential.
About Precision OS Technology:
Founded in 2017, Precision OS is committed to providing the most immersive and realistic form of deliberate surgical practice. The company produces high fidelity virtual reality software for tiered surgeon education and preoperative planning, and offers critical surgical metrics with haptic feedback. Precision OS has been nominated for the Technology Impact Awards, was a semi-finalist at the Orthopedic Research Society, and has been recognized by leading organizations in orthopedic education and competency. Precision OS will use the funding proceeds to continue to develop distribution partnerships, create content for trainees, and craft specialized VR education and preoperative planning tools.
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CONTACT: Precision OS Technology
VP of Communications
KEYWORD: NORTH AMERICA CANADA
INDUSTRY KEYWORD: TECHNOLOGY SOFTWARE HEALTH GENERAL HEALTH
SOURCE: Precision OS Technology
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