Formus Labs, an Auckland, NZ-based world's first automated 3D planner for joint replacement surgeries, announced that it raised $5 million and the public launch of its orthopedic surgery planning solution which provides surgeons with unprecedented insight into the pre-operation planning process.
The round was led by VC firm GD1 (Global from Day 1), with participation from Punakaiki Fund, Icehouse Ventures, Pacific Channel, and Flying Kiwis.
The company will use the funds to accelerate product development and its expansion into the US.
Formus Labs also announced its partnership with Zimmer Biomet, a global medical technology leader committed to the co-development and commercialization of Formus Hip in Australia and New Zealand, as well as to the investigation of international markets for global expansion.
Company: Formus Labs
Funding Month: February 2022
Lead Investors: GD1 (Global from Day 1)
Additional Investors: Punakaiki Fund, Icehouse Ventures, Pacific Channel, and Flying Kiwis
Company Website: https://www.formuslabs.com/
Software Category: AI-automated 3D planner
About the Company: Formus Labs is the world's first automated 3D planner for joint replacement surgeries. The Formus cloud platform brings surgeons together with AI and computational biomechanics to deliver cutting-edge orthopedic software solutions. Founded from within the world-renowned Auckland Bioengineering Institute, Formus empowers surgeons to improve the lives of patients worldwide. Formus Labs will officially launch the Hip product offering in Australia and New Zealand this month, to be followed by focused and strategic product evaluation in the United States after expected FDA approval in mid-2022. The company is rapidly expanding its team, both in ANZ and the US, including strategic computer-guided orthopedic surgery experts, engineering, commercial, and marketing roles.