FundamentalVR raises $4.8m Series A
Virtual reality training and data analysis platform FundamentalVR has closed a £4.3 million Series A funding round led. The funding also includes a £500k convertible loan note conversion, with a post-money valuation of £11.3 million.
The funding round was led by Downing Ventures, with participation from Epic Private Equity and Brighteyes Ventures. Leading medical institutions also participated in the funding round, including Mayo Clinic, one of America’s leading centres of medical excellence, and Sana Kliniken, one of Europe’s leading medical organisations and the third largest hospital organisation in Germany.
Tern CEO, Al Sisto, said, “We identified early on that FundamentalVR’s team was developing a platform that was very special. A training and data analysis offering which could revolutionise the skills development of surgical practice, while at the same time creating a database of significant importance to the industry.
“We are delighted that the value and relevance of this exciting business and its entire staff has been recognised by this outstanding syndicate of new investors we helped solidify.”
“This is an important milestone for FundamentalVR and it epitomises Tern’s strategy to invest in great teams and ideas, not only through the provision of capital, but also with active support and advice for the benefit of our shareholders. Changing the approach to learning and deploying new procedures and products in the world of healthcare is of critical importance for everyone’s future and FundamentalVR is leading the way. We look forward to announcing further important developments from the company.”