MEDIVEW, TRANSFORMATIONAL AUGMENTED REALITY MEDTECH COMPANY, SECURES $9.9 MILLION SAFE FUNDING

Investment will support key technology development, commercialization and regulatory submissions

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Mar 09, 2022, 11:00 ET

CLEVELAND, March 9, 2022 /PRNewswire/ -- MediView XR, Inc., a Cleveland-based company, announced the closing of a $9.9MM round of SAFE financing syndicated by Inside View Investments, LLC, a private investment firm. MediView, a cutting edge medtech company, is combining augmented reality with surgical navigation to provide surgeons and healthcare professionals revolutionary 3D "X-Ray vision" through the skin for minimally invasive procedures.

The MediView XR90 empowers practitioners with 3D "X-Ray vision" of the patient's detailed internal soft tissue, organ, vascular and skeletal structures for surgical navigation in minimally-invasive procedures. (NOTE: Not FDA approved or for sale in the US.)

"This round of financing provides a critical runway for MediView to achieve several milestones over the coming 12 months, particularly in the areas of FDA submissions, commercialization, strategic engagements, and investing in our expanding team and resources," said Adam E. Rakestraw, MediView Cofounder & Chairman. MediView has raised approximately $14.4MM in total funding to date.

The company currently has three tiers of its platform in various stages of development.

The XR30, now in its early stages of commercialization, helps alleviate long-standing ergonomic challenges with medical imaging. Practitioners can use augmented reality to optimally position ultrasound imaging in the line of sight of their hands, tools, and the patient during minimally-invasive procedures. Additionally, XR30 enables collaboration between on-site and remote caregivers.

The XR50, to be submitted for FDA clearance in the first half of the year, adds procedural guidance capabilities to the XR30 by creating a visible pathway for the practitioner's instrument during procedures.

The XR90 Augmented Reality Surgical Navigation System, MediView's flagship product, is slated for FDA submission in the second half of 2022. XR90 empowers practitioners with "X-Ray vision" of the patient's detailed internal soft tissue, organ, vascular and skeletal structures. The system further combines live imaging and tracking of the surgeon's tools with the X-ray vision for comprehensive surgical navigation capabilities. Expanding access to less invasive cancer ablation therapies is the first application of the XR90 platform.

MediView's products were developed in collaboration with Microsoft, utilizing the company's HoloLens 2 augmented reality headset, GE Healthcare utilizing their imaging technologies, and the Cleveland Clinic where clinical and technical research are being performed. In addition to the products' augmented reality and X-Ray vision capabilities, all three solutions allow for fluid remote collaboration via any Internet-connected device or a HoloLens 2 headset and will provide evidence-based clinical insights.

"With this financing, MediView is strongly positioned leading into our next fundraising activities," said Mina Fahim, President and CEO. "This incredible team will be able to accelerate our technology development, while ramping up several exciting imaging and therapy integration opportunities. These innovative solutions will extend MediView's leadership in the rapidly growing and evolving XR healthcare space." Fahim added that the company is currently in negotiations with a number of imaging and medical device industry leaders to develop novel AR solutions.

MediView recently achieved initial revenue recognition and anticipates continued revenue growth in the coming months. The company plans on closing Series A financing in early 2023 and will be attending the LSI Emerging MedTech Summit in Dana Point, CA next week to initiate these efforts.

MediView is a medtech company that is refining and expanding technologies originally developed at the Cleveland Clinic. These technologies combine the power of augmented reality, telecollaboration and evidence-based insights intended to synergistically improve medical imaging, clinical efficiencies, patient outcomes and access to high-quality modern medical services. MediView delivers these technologies through partnerships with two leading organizations: GE Healthcare and Microsoft. Through disruptive technology, MediView and their partners are redefining procedural guidance, navigation and telecollaboration.

SOURCE MediView XR, Inc.