Swiss spine technology company Neo Medical has raised $68m in a Series B funding round to expand its portfolio of surgical technologies across the US.
Led by Gyrus Capital and existing investors Vincent Lefauconnier and Jonas Larsson, the funding will be used to increase the Lausanne-headquartered business’ market share in key regions beyond Europe, with an immediate focus on expanding its US business.
Neo’s ADVISE technology is a system used to treat conditions affecting the middle and lower parts of the spine during surgery. It combines force control tools and augmented reality to help in surgical procedures. According to Neo, the goal is to make surgeries more effective by reducing the environmental impact of procedures and lowering overall healthcare costs.
Neo has been steadily expanding its presence in the US over the past few years. In 2021, the company appointed a new president to lead its operations in this key strategic market. Additionally, Neo introduced a US-focused organisational structure, appointing new area directors to support its growth. In February 2022, the company further strengthened its position by closing a $20.6m funding round led by Swisscom Ventures.
According to Neo, studies have shown that the company’s products can cut implant failure rates by up to three times, infection risk by half, and time spent in surgery by up to 29%, reducing the need for revisionary surgery by as much as 50%.
Neo’s CEO Vincent Lefauconnier said: “Thoracolumbar spine surgery is a large market that has lacked disruptive innovation for decades – the spine sector needs innovation to improve patient outcomes and drive positive change for all stakeholders.
“This funding will enable us to grow and push the boundaries of what is possible in spine surgery, bringing our solutions to more healthcare providers and, most importantly, improving outcomes for patients.”
Last month, Johnson & Johnson MedTech launched the VELYS Active Robotic-Assisted System (VELYS SPINE), a new dual-use robotics and standalone navigation platform. The system is 510(k) cleared by the US Food and Drug Administration (FDA) and is designed for use in spinal fusion procedures in the thoracolumbar, cervical, and sacroiliac spine.
