FundamentalVR's goal is to transform the way surgeons prepare, practice and refine their skills. It has built an immersive, surgical simulation application platform, Fundamental Surgery, to provide medical professionals with the opportunity to rehearse, practice and test themselves within a safe, controllable space that is as close to real life as possible.
Fundamental VR is led by surgical training experts and leading technologists with a mission to democratise surgical training by bringing simulation into the hands of medical professionals around the world, using low cost, readily available technology.
Using computer learning, the software platform works together with haptic hardware devices to simulate the physical sensation of operating on human tissue. It also has the capability to provide AI driven real-time feedback, procedure correction data and best practise insight. The result is a simulation system that requires a low hardware investment and a simple ongoing licence fee that provides surgeons with more hands-on experience to be better prepared professionals, resulting in better patient outcomes.
Fundamental Surgery is currently sold as a 'closed' system to device manufacturers and pharma companies and the company will use the funds provided by this investment to develop a Software as a Service delivery model. This will enable it to add to its surgical simulations and broaden its customer base.
FundamentalVR plans to use Tern funds to develop a Software as a Service delivery model, enabling it to expand its surgical simulations and broaden its customer base.
This investment represents the first of its kind for Tern since FundamentalVR operates in the IoT healthcare services market and its applications use VR and haptic (the sense of touch) devices.
Tern expects to increase its holding percentage over time, as FundamentalVR executes its strategy and meets its milestones.
Tern CEO, Al Sisto, said, "We are truly excited to add FundamentalVR to our portfolio of potentially transformational companies. FundamentalVR is a highly disruptive company with the potential to improve patient outcomes in the medical industry. Its experienced management team has the credentials to steer FundamentalVR to capitalise on the rapidly growing medical simulation market and in the process create shareholder value for Tern.
"We look forward to working with them to help them achieve their ambitions of building a world leading SaaS based immersive surgical simulation platform using haptic intelligent feedback via VR to respond to surgeons in real-time. With a range of customers already engaged and generating revenue, they have a great platform from which to grow.”
"We are delighted to secure an investment from Tern. This investment in our business will help to accelerate us into market and build out a market leading SaaS based training business. Less than half of one percent of surgeons worldwide have any day-to-day access to surgical simulation. Through our platform, Fundamental Surgery we believe that our strategy of high-end simulation through low-cost immersive technology will help to dramatically change this over the coming years and put quality training within arm's reach of surgeons across the globe."
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