Formus Labs, an Auckland, NZ-based developer of an automated 3D planner for joint replacement surgeries, raised $5M in funding.
The round was led by GD1, with participation from Punakaiki Fund, Icehouse Ventures, Pacific Channel, and Flying Kiwis.
The company intends to use the funds to accelerate product development and its expansion into the US.
Led by Dr. Ju Zhang, founder and CEO, Formus Labs provides an automated 3D planner for joint replacement surgeries. The cloud platform brings surgeons together with AI and computational biomechanics to deliver orthopedic software solutions. With Formus Labs a surgeon can get automated, specific plans that are personalized to each patient. The software is able to deliver plans in an hour and can be updated in real time.
The company 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. Formus Labs is rapidly expanding its team, both in ANZ and the US, including strategic computer-guided orthopedic surgery experts, engineering, commercial, and marketing roles.
The company 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.
FinSMEs
03/02/2022