Company Celebrates Continued Worldwide Progress Toward Data-Driven Surgery
SAN FRANCISCO & BERLIN – 20 Dec 2024 – Caresyntax, the leading vendor of data-driven surgical intelligence solutions to make surgery safer and smarter, today announced its highlights and achievements of 2024. The company achieved top line 2024 organic revenue growth over 50%, with its technology and services platform used in over 4,000 ORs across the world. Due to increasing commercial velocity in the US and EU hospital markets, and expansion into new geographies and industry verticals, the company was recognized with multiple industry awards including selection to the Fierce 15 most innovative companies and the 2024 German AI prize. The company also completed a $180 million fundraise to fuel this explosive top and bottom-line growth. The company forecasts continued velocity into 2025 with focus on scale, and operational deployment, and worldwide expansion.
Continued growth in core business lines: Integrated OR and Connected Surgery
Building upon its established footprint in Europe, Caresyntax further cemented its position as the leader in surgical intelligence and OR-integration solutions with new business awards in France (Nantes, Lyon), Germany (Berlin, Hamburg), Spain (Tenerife), and Switzerland (Fribourg, Morges), alongside expansion within its existing network of hospital partners. In addition to commercial revenue, these commercial partnerships also expanded the Caresyntax portfolio to include software, services, and Internet of Things (IoT) functionalities.
In the Americas, Caresyntax continued the commercial rollout of its advanced OR Integration Connected Surgery offering, inking deals with two different large hospital systems in Florida, along with hospitals in Mexico (Mexico City, Oaxaca, Campeche), and Chile (Santiago). The market has shown great interest in Connected Surgery’s benefits: a lightweight footprint, vendor-neutrality, cost-effectiveness compared to traditional OR integration, and future-proof capability for continuous evolution and updates through a cloud-based architecture. In addition to new hospital placements, the company also focused on value delivery and expansion within its flagship customers in the US, signing expansion deals for its OR analytics, OR scheduling, Video-Based Assessment, OR workflow, and Clinical Value Assessment solutions with key customers including Universal Health Services (UHS), the OSF Healthcare, the Ascension Health Alliance, and the University of Iowa.
New CDaaS offering for medtech partners: rapid adoption and uptake from industry
Launched at the J.P. Morgan Healthcare Conference in January 2024, Caresyntax completed the development and deployment of the Clinical Data as a Service (CDaaS) portfolio for medtech partners. Building upon decades of thought leadership by the company’s Chief Medical Informatics Officer, Bruce Ramshaw, MD, the company integrated his team’s continuous quality improvement methodology, advanced systems science, and user-friendly dashboard analytics into the Caresyntax platform. The key differentiators of the Caresyntax data collection platform include flexibility (no strict protocols, IRB, or patient consent), data accuracy (data ingestion, curation, and cleansing), and speed (data for publication within months, compared to years.) Most importantly, CDaaS offerings can be tailored around existing clinical evidence strategy, wrapping around trial sites or collecting data from entirely different clinical sites.
In its first year on the market, the portfolio developed into a multi-million-dollar business with win rates well above traditional SaaS business models (Caresyntax win rate above 40%), tremendous market upside (7 new partnerships signed in Q3 and Q4), outstanding retention rates (3 existing customers inked expansion or renewal), and annual revenue growth projected above 100%. In 2024, CDaaS data was used for 10 abstracts or poster presentations, 2 society presentations, 2 published manuscripts, and 1 FDA indication expansion. Caresyntax has signed deals with medtech customers across all surgical specialties, with interest from the complete range of partner sizes, from early-stage startups to multinational strategic players.
Leveraging Strategic Collaborations and Key Partnerships
In addition to its direct-to-customer activities, Caresyntax also established key partnerships that provide accretive revenue and additional avenues for commercial success. The company expanded its partnership with D-Scope technologies to co-develop data analysis tools and advanced reporting capabilities for use in public, private, Veterans Administration, and Department of Defense Hospitals. The company also inked a partnership with surgical startup Qaelon to create a decentralized registry for real world data, with the aspirational goal to update the standard of care for surgical leak detection. And most recently, the company signed an initial deal with the American Hernia Society to create the backend infrastructure and frontend data visualization platform for all its members. These partnerships show promise as multiplier opportunities for expansion and cross-sell of core Caresyntax platform capabilities further downstream.
Product Innovation
In 2024, Caresyntax furthered its application of AI in the operating room to transform healthcare. By integrating AI at critical points in surgical workflows, Caresyntax helped customers enhance efficiency, reduce errors, and unlock valuable insights from previously unusable data sources.
To assist with OR scheduling and throughput, Caresyntax introduced its Block Marketplace module across 25 hospitals and 670 practices nationwide. Block Marketplace proactively identifies potential scheduling conflicts and resource availability issues, optimizes utilization, adapts to real-time demands, and serves as a marketplace for open surgery time, maximizing prime-time utilization of the operating room.
With the launch of Connected Surgery, Caresyntax introduced supervised machine learning algorithms to help surgical leaders with operational efficiency measures throughout the surgical suite: reducing turnover time, improving compliance with the surgical safety checklist, and identifying operational bottlenecks. Caresyntax also rolled out a new Turn-by-Turn Guidance module to help clinical teams navigate and prepare for different phases of surgery.
Core to all its product offerings are the diverse data flows coming out of the varied systems of the hospital. This year, the company launched several new capabilities to capture and curate diverse multimodal data, leveraging the functionality of Generative AI and Large Language Models (LLMs). With these evolving models, the company can make more use of complex and variable unstructured sources like surgical notes and medical records to inform better algorithms and products.
Significant Momentum and Focus on Data Streams in 2025
Carrying forward this significant momentum from 2024, the company is excited to continue its growth trajectory across the Americas, Europe, and the Middle East in 2025. In addition to its expanding list of clinical sites, the company is especially excited to harness the power of its growing database of data sourced directly from the OR environment. The Caresyntax platform captures unparalleled data from the surgical continuum, including pathway decisions, in-room video, surgical and endoscopic tower feeds, clinical and financial outcomes, supply chain and cost information, and pre- and post-operative patient information. As the company expands its footprint of OR Integration and medtech customers, those integrations contribute to create the most rich, differentiated dataset available from the surgical environment. Throughout 2025, the company plans to expend significant R&D capacity on its proprietary data analytics engine, to drive unique and novel insights for clinical, administrative, regulatory, and commercial partners downstream.
About Caresyntax
Caresyntax is on a mission to make surgery smarter and safer by converging AI-powered software, devices, and clinical services to help customers improve surgical outcomes. Our vendor neutral, enterprise-grade surgical intelligence platform delivers actionable insights to improve patient outcomes by using proprietary software and artificial intelligence (AI) to analyze large volumes of video, audio, images, device data, clinical and operational data in and around the OR. This real-world evidence can be used by the care team live, during a procedure, and accessed by those outside the operating room via the platform’s dedicated telehealth link. After a procedure, the Caresyntax platform provides insights that help surgeons benchmark and improve their care, hospital administrators use surgical resources more efficiently, medical device companies advance better products, and insurance companies understand risk and devise more tailored policies. Headquartered in San Francisco in the US and internationally in Berlin, Caresyntax software is used in more than 3,000 operating rooms worldwide and supports surgical teams in more than three million procedures per year. For more information, visit Caresyntax.com
Caresyntax Contact:
US Media Contact:
info@caresyntax.com
International Media Contact:
Gargee Kashyap
Senior Marketing Manager
Gargee.kashyap@caresyntax.com
CDaaS for Medtech