Caresyntax GmbH, a Berlin-based provider of surgical automation, analytics and AI software technologies, picked up $45.6 million in venture funding. The funds will be used to accelerate U.S. and global expansion and support continued development and deployment of Caresyntax products.
Participating in the financing were Whiz Partners, a Takeda-back drug discovery gateway investment limited partnership, Plug and Play Tech Center, Barco Healthcare, Mitsubishi Corp., Relyens, IPF Partners and Caresyntax founders Dennis Kogan and Bjoern von Siemens. The capital investment follows a $31.9 million raise led by Norgine Ventures and surgical.AI in June 2018, bringing Caresyntax’s total to $77.5 million.
“We are thrilled to bring on this group of leading health care investors and will benefit from their insights and expertise,” said Dennis Kogan, Caresyntax’s CEO and co-founder.
Caresyntax’s platform integrates data from medical devices, EHRs and other sources and leverages artificial intelligence and analytics to streamline clinical and operational decision support for surgical teams. Caregivers can use it to help manage risk, increase workflow efficiencies and reduce variability, leading to better patient outcomes, according to the company.
It’s not just OR staff that stand to benefit from the platform. Caresyntax says device and robotics companies can use data captured in its applications to refine their products and track performance. Payers can use the data to support claims investigations, value-based contracts and risk-adjusted premium pricing decisions.
In use in 7,000 ORs
Currently, the platform is being used in over 7,000 operating rooms worldwide, including more than 1,100 in the U.S., building out its capabilities with data captured in over 9 million surgical cases.
“The ability to collect and analyze real-world clinical data is creating tremendous opportunities to improve patient care and business outcomes throughout our global health systems,” Kogan said. “We look forward to continuing to enhance our technology offering as we expand into even more operating rooms around the world,”
Launched in Berlin in 2013, Caresyntax opened a U.S. headquarters in Boston in 2017. Over the past year, the company has forged a number of partnerships aimed at expanding its global reach. In October 2018, Tokyo-based MC Healthcare, a Mitsubishi Corp. subsidiary with an integrated supply chain platform for hospitals, acquired a minority stake in the company. That was followed by a partnership in April with Kortrijk, Belgium-based Barco Healthcare, maker of the Nexxis integrated digital operating hardware platform. Other recent collaborations include Insel Gruppe AG and the University of Wisconsin at Madison. The company also has longstanding partnerships with GE Healthcare Inc., Medtronic plc and Siemens AG.
“Through our partnership with Caresyntax, we intend to extend the Barco Nexxis solution for digital operating rooms with Caresyntax surgical automation and AI technologies to improve overall surgical decisionmaking, efficiency and performance,” Filip Pintelon, senior vice president of GM Healthcare at Barco, said following announcement of the $45.6 million capital infusion. “We are excited to back Caresyntax at this critical stage in the company’s growth cycle as it brings this important technology to users across the globe.”
A natural fit
Separately, Caresyntax said it has acquired Nashville-based Syus Inc., a provider of OR operations and cost analytics, for an undisclosed sum. With Syus’ Periop Insight in use in over 100 U.S. hospitals and health systems, the deal, which has already closed, is expected to help Caresyntax grow its footprint nationwide.
“Syus is a natural strategic fit for Caresyntax as we are both harnessing advanced data analytics to improve outcomes and efficiencies across the surgical ecosystem,” Kogan said. “The combination of Syus’ powerful operational efficiency and cost analytics with our surgical safety and interoperability platform will greatly expand our ability to deliver deeper, more comprehensive insights across a variety of surgical, financial and risk-management use cases.”
Kevin O’Hara, CEO of Syus, echoed that potential. “While hospitals have vast amounts of surgical data, they often lack the tools to analyze that data to inform OR processes. Together with Caresyntax, we will be able to leverage our combined real-world data and innovative technologies to directly support delivery for hospitals and health systems throughout the surgical continuum, creating new standards in surgical quality and efficiency.”