MedTech Startup MediView XR Raises $9.9M
By Laura Cowan
Laura K. Cowan is a tech editor and journalist whose work has focused on promoting sustainability initiatives for automotive, green tech, and conscious living media outlets.
MediView XR, a Midwest-based medtech startup out of Cleveland, just announced they have raised a $9.9 million round of funding. This round of SAFE financing was syndicated by Inside View Investments, LLC, a private investment firm.
MediView is combining augmented reality technology with surgical navigation "to provide surgeons and healthcare professionals revolutionary 3D 'X-Ray vision' through the skin for minimally invasive procedures."
The startup has raised about $14.4 million in total funding so far. "This round of financing provides a critical runway for MediView to achieve several milestones over the coming 12 months, particularly in the areas of FDA submissions, commercialization, strategic engagements, and investing in our expanding team and resources," said Adam E. Rakestraw, MediView Cofounder & Chairman.
MediView Augmented Reality Medical Technology Products
MediView currently has the following three products in development:
The XR30 is in its early stages of commercialization, and helps alleviate long-standing ergonomic challenges with medical imaging. Practitioners can use AR to optimally position ultrasound imaging in the line of sight of their hands, tools, and the patient during minimally invasive procedures. XR30 also enables collaboration between on-site and remote caregivers.
The XR50, to be submitted for FDA clearance in the first half of the year, adds procedural guidance capabilities to the XR30 by creating a visible pathway for the practitioner's instrument during procedures.
The XR90 Augmented Reality Surgical Navigation System, MediView's flagship product, is scheduled for FDA submission in late 2022. This is the "X-Ray vision" tool for surgeons viewing a patient's internal soft tissue, organ, vascular and skeletal structures. The system combines live imaging and tracking of the surgeon's tools with the X-ray vision for comprehensive surgical navigation. The first application is expected to be expanding access to less invasive cancer ablation therapies.
MediView's products were developed in collaboration with several organizations, using Microsoft's HoloLens 2 augmented reality headset, GE Healthcare's imaging technologies, and Cleveland Clinic clinical and technical research.
Mina Fahim, President and CEO, said that MediView is currently in negotiations with a number of other imaging and medical device industry leaders to develop novel AR solutions.