SAN FRANCISCO - Mar. 24, 2022 - Osso VR, a validated virtual reality (VR) surgical training and assessment platform, today announced that it has secured $66 million in Series C funding led by Oak HC/FT. The round also includes participation from Signalfire, GSR Ventures, Tiger Global Management and Kaiser Permanente Ventures.
The capital will be used to accelerate Osso VR's initiative to broaden access to surgical education for all healthcare professionals and continue the investment in hiring top-tier talent to bring high-fidelity surgical training experiences to additional specialty areas.
Osso VR produces on-demand, immersive modules that allow surgical teams to train independently or collaboratively in a virtual environment before ever stepping foot into a real operating room. Medical device companies also use Osso VR to introduce technology digitally, addressing many challenges of traditional educational pathways such as conflicting physician schedules, remote staff, and costly travel. With Osso VR, more surgeons can practice utilizing complex medical technologies to more rapidly offer their patients access to the best procedures with optimal outcomes.
"Oak HC/FT is continuously seeking new opportunities to support innovative companies impacting the healthcare industry in a meaningful way," said Vig Chandramouli, Partner at Oak HC/FT. "Osso VR is well positioned to become the gold standard for all surgical training and continuing education, and we're thrilled to work alongside this impassioned and committed team."
Osso VR currently partners with leading global medical device companies, including Johnson & Johnson, Stryker, Zimmer Biomet, and Smith + Nephew. The company's modules cover multiple specialty areas, such as orthopedics, spine, interventional cardiology, and general surgery, amongst others.
"The future at Osso VR is incredibly bright. Each step of the way, we've stayed true to our mission to democratize healthcare and seen the results that our platform brings to surgical training and assessment," said Justin Barad, MD, CEO and Co-Founder of Osso VR. "This round of investment supports the next step of our journey to provide access to all healthcare professionals. I couldn't be more excited to take this next step with such a talented, passionate team."
The company has more than 150 employees and plans to grow exponentially over the next year. Osso VR designs and develops all virtual experiences in-house and has hired talent across an array of industries, including healthcare, technology, movies and gaming. The company boasts the largest team of medical illustrators in the world.
The funding news comes on the heels of Osso VR winning the prestigious SXSW Innovation Award for VR, AR, and MR. The company is also exhibiting at the AAOS 2022 Annual Meeting this week in Chicago, Ill.
Osso VR is an award-winning, clinically validated surgical training and assessment platform designed for medical device companies and practicing surgeons of all skill levels. Using cinema quality VR, the scalable platform offers a realistic, hands-on training environment that leads to real world performance gains and ultimately improved patient outcomes. Osso VR is the first training platform to incorporate assessment into its modules, objectively measuring the trainee's knowledge of steps, level of accuracy and overall efficiency throughout the procedure providing a benchmark for proficiency.
Led by UCLA and Harvard trained orthopedic surgeon Justin Barad, MD, the Osso VR team has a deep background in clinical care, medical technology, and VR development. To learn more, visit http://ossovr.com/
Oak HC/FT is a venture and growth equity firm investing in companies driving transformation in healthcare and fintech, two uniquely complementary and high-growth sectors. With deep domain expertise and strategic resources, Oak HC/FT partners with leading entrepreneurs at every stage, from seed to growth, to build businesses that make a measurable, lasting impact on these industries. Founded in 2014, the firm has $3.3 billion in assets under management and is headquartered in Greenwich, CT, with investors in San Francisco and Boston. Follow Oak HC/FT on Twitter and LinkedIn and learn more at oakhcft.com.