Inovus Medical Poised for Major Expansion
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Inovus Medical, a global surgical training technology company, has successfully completed a $7 million investment round this week. The round includes an investment of $6.2 million from Norgine Ventures.
The investment follows the successful launch of the company’s high fidelity laparoscopic simulation platform, LapAR. Since its launch during the COVID-19 pandemic in 2020, the LapAR has become a popular platform for high fidelity laparoscopic skills training across the UK. The LapAR was developed with a $1.5 million product development contract from SBRI Healthcare and has been adopted by several national training programmes, NHS hospitals such as Guys and St Thomas and Cambridge University hospitals and medical technology companies Olympus and Ethicon. The core technology used in LapAR includes a proprietary approach to augmented reality that enables ‘hybrid, headset free’ surgical simulation. The technology also utilises computer vision and machine learning algorithms combined with a cloud based digital training platform. Earlier this year, the company announced that the technology used in LapAR has also been applied to its new high fidelity hysteroscopy simulator, HystAR.
The investment announced this week will be used to expand the company’s direct commercial presence in key international markets, strengthen its global customer support capacity and significantly increase the capacity of its in-house development teams. The business plans to invest significantly in local talent development and the evolving innovation ecosystem across the Liverpool City Region following this recent investment.
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