Neocis Inc., which developed the first U.S. FDA-cleared robotic-assisted dental surgery system, has completed a $72 million series D financing led by Dfj Growth. The funds will be used for broader commercialization and future advancements to the Yomi platform.
“As early pioneers of robotic orthopedic surgery technology, we are excited to bring robotics to the world of dental surgery,” said Alon Mozes, Neocis’ co-founder and CEO. “This latest round of funding will allow us to expand the reach of our robotic-assisted surgical system and fuel further development of Yomi’s technology platform to deliver increased value to every dental office in the country.”
Also participating in the series D round were Vivo Capital and existing investors Mithril Capital Management, Norwest Venture Partners, Section 32 and Fred Moll.
With this latest capital infusion, Miami-based Neocis has raised a total of $120 million in financing to date.
Computerized navigation system
Cleared via 510(k) in March 2017 for adults who qualify for dental implants, Yomi is a computerized navigational system intended to provide assistance in both the planning and the surgical phases of the implantation surgery. The system provides software to preoperatively plan dental implantation procedures and provides navigational guidance of the surgical instruments.
Since then, Neocis has gained additional clearances to enhance the Yomi system. In 2019, the company added new dental materials and an additional drill that expanded workflow options with the device.
In May of this year, the FDA cleared a new component to improve CT scanner compatibility, which allows Neocis to target a broader market for adoption of Yomi. And in July, the company got the green light for an edentulous splint attachment to Yomi. That device enables the system to go beyond placing implants on patients who have lost some of their teeth to assisting doctors with full arch implant cases.
Clinical evidence suggests Yomi can reduce both surgery and patient recovery times. A study for full arch surgery showed that a full arch could be completed in 90 minutes using Yomi, while a dual arch could be accomplished in 2.5 hours.
“Some of these full arch cases were completed with a minimally invasive flapless approach, which has been show to lead to less pain and faster recovery,” Mozes told BioWorld. “Sometimes flapped procedures are indicated for certain critical conditions, and Yomi can be equally applied to those procedures to ensure that surgeons precisely get the results that they plan on the software.”
Large market opportunity
More than 5 million dental implants are performed each year in the U.S., according to the American Dental Association. Yet while robotics-assisted surgeries have increased in a number of areas, among them cardiovascular, neurology and orthopedics, dentistry has lagged in adopting these tools.
Randy Glein, co-founder and partner at Dfj Growth, praised Neocis’ ground-breaking technology. “As the only FDA-approved surgical robotics system for dentists and oral surgeons, Neocis is uniquely positioned to deliver innovative approaches for practitioners that improves outcomes for patients,” he said.
In an email, Mozes said that a portion of the series D funds will be used to expand commercial efforts and ramp up sales and marketing. The remainder will support increased research and development to address other potential clinical applications and streamline the procedures workflow.
“There are numerous procedures that would be greatly benefited from robotic assistance and automation. Oral surgeons perform complex clinical procedures like orthognathic surgery and zygomatic implants, while general dentists spend tedious hours preparing teeth for crowns,” he said. “Uniting all the stakeholders in these procedures with advanced software presents additional long-term opportunities for Neocis.”
Adoption of the Yomi platform has been very strong, both in terms of capital sales and system utilization, Mozes said, with some practices performing all their implant surgeries with Yomi.
The device is currently available in the U.S. only, though Neocis expects to begin expanding into international markets in the near future.
Mozes did not disclose Yomi’s price, but said the system offers users a “very quick return on investment.” To demonstrate its value, Neocis has retrofitted several buses to match a dental surgery environment that includes Yomi and offers private demonstrations for potential customers.
“With this funding, Neocis is well poised to disrupt the dental industry and bring value to every dental practice through the Yomi platform,” he said.