Struggling to raise venture capital during the COVID-19 pandemic, the employees of Augmedics, have led its $15 million Series B financing. Together with their families, the 20 US employees formed AUG Management LLC and collectively raised and invested $4 million. Existing investors AO Invest and Terralab Ventures also participated.
Augmedics is the developer of xvision, which allows surgeons to visualise the anatomy of a patient during spinal surgery as if they had x-ray vision, without the need to look at a remote screen. The product has now launched and is in use in US hospitals and surgical centres. The company now plans to explore developing xvision for other surgical applications.
“The dedication of our team and the leadership of President and CCO Tim Murawski is outdone only by the incredible innovation that they continue to demonstrate in the lab, in the field, and at the board table,” said Nissan Elimelech, founder and CEO of Augmedics. “The amount of money that the Augmedics employees committed to continuing operations shows how much they believe in what we are doing – in the technology, the strategy and the leadership – even in these uncertain times.”
Based in Chicago, Augmedics was founded in 2014 by CEO Nissan Elimelech, and received seed funding from Israeli incubator TerraLab. It subsequently raised $8.3 million in Series A in September 2017, led by AO Invest, along with the Israeli Innovation Authority, Terra Venture Partners and others.