Healthcare AR startup MediView raises $15M

Investors included existing partners the Mayo Clinic and GE Healthcare

Augmented and virtual reality is growing fast within the healthcare sector: the global market was valued at $2.3 billion in 2021 and is projected to reach around $19.6 billion by 2030, a compound annual growth rate of 26.88%. 

While major players like Microsoft and Magic Leap are making hardware plays in the space, there are a number of startups on the software side that are also making big strides, including MediView XR, a clinical augmented reality med-tech company, which announced a $15 million financing round on Tuesday.

The funding came from Mayo Clinic, Cleveland Clinic, GE HealthCare, JobsOhio Capital Growth Fund, Inside View Investments, and KKVS Syndicate, with additional commitment to the company's next funding round; with this latest funding, MediView has now raised roughly $29.5 million in total to date. 

Founded in 2017, the Cleveland-based MediView is an augmented reality surgical navigation, medical imaging and remote collaboration platform. It's solutions include XR90, a visualization and navigation system for minimally invasive procedures for soft tissue and bone; XR50, an ultrasound imaging solution with a holographic needle trajectory for needle-based procedure; and MediScout, its collaborative imaging platform. 

The company plans to use the new funding to expand its platform offering with a focus on generating additional clinical evidence, product development, intellectual property, regulatory, and commercial milestones, and product launches.

MediView has pre-existing relationships with a number of its investors, including Cleveland Clinic, where the company was incubated, as well as with the Mayo Clinic, with the two entities announcing in December that they were exploring ways to advance procedural augmented reality solutions.

The company also teamed up with GE Healthcare in November to co-market and co-develop the OmnifyXR Interventional Suite System, which combines MediView’s 3D augmented reality medical visualization, surgical navigation, and telecollaboration capabilities with GE Healthcare’s interventional imaging technologies, digital infrastructure, data analytics, and clinical decision support capabilities.

"We are energized by the backing of influential and strategic investment collaborators spanning healthcare, industry, financial and government sectors who recognize the growing clinical and industry adoption and value of clinical mixed reality solutions," Mina S. Fahim, President and CEO of MediView, said in a statement. 

"Expanding industry and clinical partnerships and collaborations with world-class brands and leaders will further accelerate our speed of innovation. Working together to build a clinical augmented reality digital ecosystem better equips healthcare practitioners with advanced surgical visualization and navigation tools to deliver better care and enable greater patient access."