Proprio Raises $43M Series B Funding to Fuel Commercialization

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Jul 27, 2023, 10:00 ET

First light field-enabled surgical technology company secures additional institutional capital to drive adoption of its AI-driven platform

SEATTLE, July 27, 2023 /PRNewswire/ -- Proprio, a Seattle-based surgical technology company, today announced that it has secured $43 million in Series B funding from new and existing investors. The capital fuels commercialization to address significant demand for Proprio's AI-driven surgical navigation platform in the US and overseas.

Proprio's flagship surgical navigation platform, Paradigm™, achieved a significant milestone this year by obtaining 510(k) clearance from the U.S. Food and Drug Administration (FDA). Paradigm harnesses the power of light field technology and artificial intelligence to generate a real-time 3D visualization of surgery. Paradigm provides surgeons with Volumetric Intelligence™, which uniquely combines medical images with live data from Paradigm's sensor suite.

The Paradigm system delivers many advantages for surgeons and patients. It eliminates the need for intraoperative scans, reducing radiation exposure to the patient and surgical staff. This saves up to 30 minutes per procedure, increasing the availability of care to patients. By quickly registering imaging data to the anatomy within surgical workflows, Paradigm delivers a high degree of accuracy and enables surgeons to maintain focus on the patient.

Proprio's live, 3D, multi-modal data represents a significant upgrade over current static approaches to surgical navigation and the company plans to apply its technology to many surgical specialties beyond its first targets in spine procedures. Proprio's Paradigm system is capable of collecting a tremendous amount of surgical data that can be utilized for the development of many applications beyond status quo approaches to surgery.

"We are just beginning to reveal the potential applications of Proprio's technology and data," said Gabriel Jones, CEO and co-founder of Proprio. "This investment arrives at a pivotal moment, as we perform our first-in-human cases and bring Paradigm to patients around the world. Together, these milestones are a testament to the unparalleled capabilities of the Proprio Paradigm and its potential to revolutionize surgery."

"For some time, we have been searching for a company that has the potential to disrupt traditional medical device businesses at scale with data. Proprio represents that kind of opportunity and we are honored to join the investment group," said Alf Grunwald, Executive Advisor of Bird B. AG, a global investment partnership with significant surgical software and medical device investments in both public and private markets.

To learn more about Proprio, visit: https://www.propriovision.com/.

ABOUT PROPRIO

Proprio is a leading surgical technology company creating The New Way of Seeing™ in surgery. Using advancements in light field computer vision and AI, the Proprio Paradigm system synthesizes data from multiple inputs for navigating anatomy and surgical environments in 3D. Proprio's mission is to dramatically improve clinical and economic outcomes by leveraging advanced AI and data collection capabilities with the potential to provide predictive intelligence in surgery. Proprio is backed by leading healthcare and technology investors, including DCVC, BOLD Capital Partners, Bird B. AG, Cota Capital, Intel and HTC.

SOURCE Proprio