LAUSANNE, Switzerland, September 17, 2024–(BUSINESS WIRE)–Neo Medical SA (Neo), a Swiss technology company specializing in spine surgery, has announced the successful completion of its Series B financing round, including the conversion of existing shareholder loans. With this financing round, Neo has secured an additional equity investment of up to $68 million (CHF 58 million) to accelerate its global growth.
Led by Gyrus Capital SA (Gyrus), alongside the participation of existing investors, including founders Vincent Lefauconnier and Jonas Larsson, this landmark round is one of the most significant in the spine industry in the last decade.
The proceeds will be used to increase Neo’s market share in key regions with an immediate focus on expanding the US business, deploying new, complementary, and disruptive products, and enhancing the capabilities of its unique AI-driven augmented reality intraoperative data platform, ADVISE™. With ADVISE™, the company’s portfolio of advanced surgical technologies – Neo Universal™ – represents a significant step forward for the $7.6 billion global thoracolumbar fusion market.
“Thoracolumbar spine surgery is a large market that has lacked disruptive innovation for decades – the spine sector needs innovation to improve patient outcomes and drive positive change for all stakeholders,” said Vincent Lefauconnier, Neo Medical’s CEO and Co-Founder. “This is precisely what we have set out to achieve with Neo Universal™ – a platform introducing new technological and structural approaches to create real value both inside and outside the operating theatre. After successfully entering key markets, we are ready to scale. This funding will enable us to grow and push the boundaries of what is possible in spine surgery, bringing our solutions to more healthcare providers and, most importantly, improving outcomes for patients.”
“Neo Medical’s vision and product platform has already proven itself in Europe and is poised to expand rapidly in the US,” said Dr. Robert Watson, Partner and Co-Founder of Gyrus. “The sustainable commercialization of Neo’s integrated portfolio of technologies and innovative service model strategically positions the company to scale and capitalize on evolving market trends, including within outpatient centers. We are excited to partner with the management team and support Neo’s vision in redefining patient care.”
Since commercial launch in 2016, Neo’s technologies have been used to treat around 36,000 patients, with the company making significant progress in both operational and clinical performance compared to traditional standards. Studies have shown Neo’s products can cut implant failure rates by up to three-times, infection risk by half, and time spent in surgery by up to 29%, reducing the need for revisionary surgery by as much as 50%.1-3
Mr. Lefauconnier went on to say, “This raise is the next step in solidifying Neo Universal™ as one of the premier solutions on the market. Intended to treat thoracolumbar patients in inpatient and outpatient settings, it supports both MIS and open approaches. Launching extended capabilities for complex surgery will soon optimize our platform coverage from ambulatory surgery to ever more complex trauma and deformity.”
About Neo Medical
Neo Medical is a Swiss company combining the latest advances in biomechanics and intraoperative augmented reality to set new standards in spine fusion surgery.
Uniquely designed to support treatment of any operable thoracolumbar condition in a single procedural platform, the company’s portfolio seamlessly integrates proprietary force control technologies with first-of-its-kind, intraoperative, AI-driven augmented reality data capabilities to improve patient outcomes, reduce environmental impacts, and lower healthcare-associated costs.
Coupling its technologies with a ‘SmartService’ distribution model, Neo Medical’s services optimize processes in and out of the OR, enhancing operational efficiency at every stage of the perioperative process, and contributing to a more sustainable healthcare system.
With a strong European presence and proven leadership, the Company is rapidly expanding in the U.S. and elsewhere around the globe. Based near Lausanne, Switzerland, Neo Medical has operating subsidiaries in the US, Spain, France, and Germany. In addition to the lead investor Gyrus, its shareholding base includes institutional players such as Swisscom Ventures, Verve Ventures, 4FO, and Credit Suisse Entrepreneur Capital. To learn more, please visit www.neo-medical.com.
About Gyrus Capital
Gyrus Capital is a European investment firm dedicated to transformational investments in the healthcare and sustainability sectors. Based in Geneva, Switzerland, Gyrus invests in businesses that address the structural needs of society and the environment and are positioned for long-term sustainable growth. The firm focuses on complex transactions, particularly corporate carve-outs in the €50 million to €500 million range. A renowned group of experienced partners and industry experts supports Gyrus’s active investment and value-creation approach, working closely with entrepreneurs and managers. To learn more, please visit www.gyruscapital.com.
References:
https://neo-medical.com/press-release-references-1d9e0z/
Contacts:
Neo Medical
Max Howells
max.howells@neo-medical.com
Halsin Partners
Mike Sinclair
msinclair@halsin.com
