Pixee Medical Accelerates Its Expansion in the US and Development of Its Next Generation of Innovative Products After $15M Fundraising
The “OSER Bourgogne-Franche-Comté” financial instrument is financed by the Burgundy-Franche-Comté Region and the European Regional Development Fund (ERDF). It is fully in line with the strategy set out in the FEDER-FSE+ Bourgogne Franche Comté Massif du Jura 2021-2027 program, which aims to mobilize massive amounts of new funding in the regions. OSER Bourgogne-Franche-Comté facilitates access by small and medium-sized businesses to the financing they need for their development, to provide impetus to investment and modernization.
BESANÇON, France, February 8, 2024–(BUSINESS WIRE)–Pixee Medical, world leader in augmented reality navigation technologies for orthopedic surgery, takes a major step forward in its expansion with a $15 million capital raising. This transaction, led by Relyens Innovation Santé, UI Investissement, Innovacom, Angelor and Bpifrance will enable Pixee Medical to accelerate its development in the United States and launch its next generation of innovative products.
“We are extremely proud of the success of this capital raising. This investment is a significant step forward in our expansion in the US, which is a strategic market for our company. It will enable us to reinforce our technological leadership by developing new products for augmented surgeons, who will benefit from the latest advances in immersive technologies, connectivity, and artificial intelligence; all in the service of their patients.”, emphasizes Sébastien Henry, CEO of Pixee Medical.
The capital we have raised will play a key role in Pixee Medical’s growth strategy, which focuses on four major objectives:
- To significantly strengthen its presence in the United States with the opening of a subsidiary in the first quarter.
- To rapidly deploy our new range of augmented reality navigation platforms.
- To expand our presence in Asia by opening an office in Singapore.
- To recruit new talents to support our growth.
The success of this capital raising underscores not only the investors’ confidence in Pixee Medical’s potential, but also the company’s commitment to remaining at the forefront of technological innovation in the area of navigation solutions for orthopedic surgery.
Since the company was founded in 2018, Pixee Medical has grown rapidly by marketing disruptive solutions:
Knee+: A navigation solution for total knee replacement integrating an augmented reality glasses and instruments that are both minimally invasive and reusable. Already marketed worldwide thanks to CE certification and FDA 510(k) clearance; more than 5,000 patients around the world have already benefitted from this unique solution. Clinical studies have validated the precision and effectiveness of this technology, which is perfectly suited to the requirements of customized implant positioning. Thus, this unique solution meets the needs of the growing ambulatory surgery centers.
Shoulder+: A mixed-reality navigation solution specifically designed for total shoulder replacement achieved worldwide success in 2023, when it obtained CE mark certification in accordance with MDR regulation. FDA approval is anticipated by the end of the year for access to the US target market.
Pixee Medical will be showcasing its latest technological advances at the AAOS World Arthroplasty Congress, which will be held February 12 to 16, 2024 at the Moscone Center in San Francisco.
The company expresses its gratitude to its investors for their continued support and looks forward to this promising new chapter in its ongoing commitment to medical excellence and to improving the quality of life for patients.
“We have been with Pixee since the company was founded in Bourgogne-Franche-Comté, and have witnessed its transition from a pioneer to a global supplier of guidance solutions for orthopedic surgery. We are convinced that this new round of financing will enable Pixee Medical to maintain its role as world technology leader, conquer a fast-growing market, facilitate surgical procedures for orthopedic surgeons, and ensure better patient care”, adds Guillaume Blanchet, Investment Director at UI Investissement.
“As a long-standing partner of Pixee Medical, we are delighted to continue our support of the company in the development of its data-centric platform and innovative orthopedic products, particularly for patients requiring shoulder and hip replacement”, states Bervin Bouani, Investment Director at Turenne Capital.
“Pixee Medical has a promising pipeline, and its flagship product, Knee+ for total knee replacement, addresses the limitations of current robotic-assisted surgery systems, thanks to its technology that enables orthopedic surgeons to perform precise surgeries with a clear benefit for patients while adapting to the surgeons’ practice”, said Jean-François Morin, Investment Director at Bpifrance, a new investor in Pixee Medical.
About Pixee Medical
Pixee Medical develops augmented reality solutions for implant placement, that offer orthopedic surgeons’ cutting-edge tools for precise and efficient intervention. Its first product has been used in over 5,000 procedures in more than 20 countries, for example, the United States, Australia, India, and several European countries, thus demonstrating its positive impact on surgical practices worldwide.
About the investors
Bpifrance:
Bpifrance’s equity investments are implemented by Bpifrance Investissement. Bpifrance finances companies at every stage of their development, whether through loans, guarantees or equity capital. Bpifrance supports companies in their innovation projects and international projects. Bpifrance also supports their export activities with a wide range of products. Consulting, training, matchmaking, and acceleration programs for start-ups, SMEs, and ETIs are also part of the Bpifrance offering for entrepreneurs. Thanks to Bpifrance and its 50 regional branches, entrepreneurs benefit from a close, unique, and efficient contact to help them meet their challenges.
For further information: https://www.bpifrance.fr/
Relyens Innovation Santé (Turenne Capital):
Founded in May 2014, Relyens Innovation Santé is an investment structure specializing in healthcare innovation capital. It is controlled and owned by the Relyens Group, a mutual insurance company specializing in risk management for healthcare, social, and medical players. Advised by Turenne Santé (the health division of the Turenne Group), Relyens Innovation Santé’s mission is to support the growth and development of innovative companies in the healthcare sector.
Turenne Groupe, one of France’s leading private equity firms, has a 25-year track record of helping entrepreneurs innovate, grow, and transfer their businesses. An independent player, the group manages assets worth €1.7 billion. With over €300 million under management, our healthcare team (Turenne Santé) invests across the entire value chain of healthcare companies, using a variety of investment approaches.
For further information: https://www.relyens.eu/fr / www.turennecapital.com
Innovacom:
A specialist in deeptech and industry, INNOVACOM supports the launch and development of technology start-ups that contribute to environmental, digital, and industrial transitions in a wide range of sectors (energy, telecommunications, mobility, smart cities, aeronautics, new space, etc.). An investment company integrated into the Turenne Group since 2018, INNOVACOM and its teams are present in Paris, Lyon, and Marseille. INNOVACOM has invested over €1billion, supported more than 300 technology and industrial start-ups, including 6 unicorns, participated in more than 20 IPOs, and has carried out more than 150 strategic divestitures to major players.
For further information: www.innovacom.com
Angelor:
Founded in 2008, Angelor is an independent venture capital company based in Lyon, with a mission to “develop finance that serves the common good”. Now recognized for the quality of its shareholders and the companies it finances, Angelor has brought together over 250 shareholders, most of whom are experienced business leaders committed to financing and supporting innovative entrepreneurs in their sector. Angelor has invested nearly €30 million in 76 start-ups, particularly in the healthcare, agri-food, and environmental sectors – helping to create over 700 direct jobs, mainly in the Auvergne-Rhône-Alpes region.
For further information: https://angelor.fr/
UI Investissement:
UI is an independent company specializing in the development of unlisted French companies. For over 50 years, UI has been committed to working alongside the managers of growing SMEs and ETIs to create and develop companies that are economically and sustainably successful. UI Investissement manages nearly €1.5 billion in assets and invests in 300 managers. UI Investissement invests in Burgundy Franche Comté thanks to the Invest Création 5.0 and OSER BFC funds supported by the European Regional Development Fund.
For further information: www.ui-investissement.fr
Contacts
Press contact
charlotte.beck@pixee-medical.com
Pixee Medical
www.pixee-medical.com
