SAN FRANCISCO & BERLIN, August 15th, 2024 –
Caresyntax, a vendor-neutral precision surgery platform, is pleased to announce raising a total commitment of $180 million through a series C extension and growth debt expansion round.
Investors in the $180 million round include Symbiotic Capital, MTIP AG, BIONIQ Capital, PFM Health Sciences, Pictet Alternative Advisors, surgical.ai, BlackRock Innovation Capital, Aescuvest, Optum Ventures, Cure Capital, Relyens Group, Vesalius Biocapital, Lauxera Capital, Plug & Play Growth Fund, and ProAssurance Corp. The financing comprises $80M of equity and up to $100M of growth debt facility.
Caresyntax is transforming surgery by implementing a scalable, end-to-end software and AI platform. The platform is medical grade, interoperable and allows the capture and use of novel data and applications to enhance surgical precision and patient safety. Caresyntax serves over 30,000 surgical professionals across more than 3,000 operating rooms worldwide, delivering automation and actionable insights to hospitals, medical device companies and insurance groups.
Himani Bhalla, Chief Investment Officer of Symbiotic Capital: “Symbiotic is thrilled to support Caresyntax in its mission to enhance surgical outcomes through its innovative platform, delivering benefits to stakeholders throughout the healthcare ecosystem. We were impressed with Caresyntax’s growth across hospitals, medtechs and insurers and look forward to working together to continue to scale their platform”
The Caresyntax platform also addresses critical data shortfall and fragmentation challenges that hinder the progress of precision and data-assisted surgery in the $3 trillion global surgical market. Caresyntax leverages tech and AI to collect, integrate, and analyze unique and comprehensive data, providing caregivers with real-time and long-term clinical decision support that enhances the patient journey, boosts hospital operational efficiency, and drives better patient outcomes and profitability.
Katrin Vatiska, Investment Partner at MTIP: “MTIP proudly backs the forefront of surgical intelligence through our investment in Caresyntax. What drew us to Caresyntax was not only their stronghold in a rapidly expanding sector but also their unique platform approach, seamlessly integrating workflow software and data-driven solutions. This investment reflects our commitment to supporting innovative solutions that enhance patient care and empower healthcare professionals globally. Together, we’re driving the future of smarter and safer surgeries, making a meaningful impact on the world.”
With operations that span the US and EMEA the company is experiencing record demand for its solutions from both private and public hospitals. Its proven record of reducing costs, increasing profitability and improving patient outcomes has created a unique set of differentiators.
Dennis Kogan, Co-Founder and CEO of Caresyntax: “Together with our partners and investors, we are working towards deploying precision surgical tools, empowered by data and AI, to improve patient outcomes. This financing is not just an investment in Caresyntax, but an investment in the future of surgery. My gratitude extends to our investors who contribute to and believe in the power of smart data and AI usage in the operating room.”
Since the Company’s 2021 Series C fundraise, Caresyntax has launched innovative AI products which are being leveraged by care teams internationally and opened new markets relating to insurance underwriting and medtech clinical outcome analysis. Today, Caresyntax is focused on leveraging the value of its install base to drive value for the entire surgical ecosystem.
This funding follows a successful H1 2024 for Caresyntax, marked by over 75% growth in revenue and increased margins, highlighting the expanding recognition and adoption of Caresyntax’s innovative platform in US and EMEA healthcare systems.
Patrick Pfeffer, CEO of Aescuvest: “Caresyntax is uniquely positioned to revolutionize the operating room—presently a black box—by transforming it into a data lake. This transformation is aimed at enhancing surgical procedures to make them smarter, safer, and more broadly accessible.”
The capital is being used for scaling customer adoption of surgical software tools and for continued development of the company’s AI and edge-to-cloud applications. The round also enables the Caresyntax M&A strategy, with the company acquiring several US surgical data and technology assets in 2023 and looking to complete several acquisitions in 2024 and going forward.
Bjoern von Siemens, CFO and CBO of Caresyntax: “We are grateful for this significant investment in Caresyntax, which strengthens our balance sheet at an important inflection point for the adoption of digital surgery, AI and automation tools. The capital enables Caresyntax to deliver increased growth momentum, platform adoption and customer ROI; it also catalyzes M&A and corporate development opportunities.”
About Caresyntax:
Caresyntax is on a mission to make surgery smarter and safer, by converging AI-powered software, devices, and clinical services to improve patient outcomes. Our vendor-neutral, precision surgery platform delivers actionable insights to improve patient outcomes. Our proprietary software and AI platform is capturing and analyzing large volumes of video, audio, images, device data, clinical and operational data in and around the OR. The software and automation platform can be used by the care team live, during a procedure, and accessed by those outside the operating room via the platform’s secured dedicated cloud and telehealth links. The Caresyntax platform provides meta-data insights and real-world evidence (RWE) that help surgeons and teams to improve their care, hospital administrators to use resources more efficiently, and medical device companies to advance products. It also supports insurance companies to understand and control risks, as well as enable contracts on value-based model. Headquartered in San Francisco in the US and in Berlin internationally, Caresyntax software is being used in more than 3,000 operating rooms worldwide and supports surgical teams in more than three million procedures per year.
Please contact Caresyntax for any inquiries related to:
- Digitalization of Operating Rooms (ORs)
- Operating Room (OR) integration
- Capture and Analysis of Clinical and Video Information
- Patient Engagement Software
- Operating Room Efficiency
- Perioperative Efficiency
- Surgical Video analytics
- Impact of AI on surgical outcomes
- Innovations in healthcare technology and patient safety
- Insights into the future of data-driven surgery and surgery
For more information, visit www.caresyntax.com.
Caresyntax Contact: info@caresyntax.com
CDaaS for Medtech