Surgify Medical Oy, a Finnish company that develops safer surgical technology, has raised €1.4 million in funding from both domestic and foreign investors.
ESPOO, Finland (January 8th, 2021) In addition to existing backers, among the investors in the startup’s third round were Finnish venture capital investor Innovestor Ventures, Swedish investor Peter Lindell, and well-known Finnish angel investor and healthcare entrepreneur Leena Niemistö. The funding will be used to bring Surgify’s safer surgical drill to market.
Surgify’s internationally recognised technology is intended to prevent nerve and blood vessel injuries caused by surgical drills. The company believes that their technology plays an important role in saving lives and making bone surgery safer. Furthermore, the time and money spent on surgeries could be decreased considerably. In addition to performing various surgical procedures in the head, neck, and spine areas, the technology can be used in dental procedures, as well as surgical robotics.
”The technology developed and patented by us has worked excellently in pre-clinical trials, and has prevented practically all relevant complications. We have raised the interest of leading hospitals in both Europe and the US, and the industry’s largest players have also expressed their interest in collaborating,” said the company’s CEO, Visa Sippola.
Surgify aims to reshape how surgery is performed
Surgify received a sales approval for its product in May, and since then has focused on developing its production. Potential factors contributing to the adoption of the technology in hospitals include ease of use, as well as expected reductions in surgical costs and complications.
The company’s investors see significant challenges brought about by an ageing population, prompting a growth in the number of surgical patients. Today, global costs resulting from complications with surgical drills total over €4 billion annually.
”Surgify’s technology contributes to solving major public health issues, and enables fundamental changes in the surgical market. Innovestor decided to invest in Surgify because of its promising technology and founding team, and because its mission genuinely adds value to society”, commented Innovestor Group’s partner and head of investments, Wilhelm Lindholm.
The rapidly growing startup has spent a significant amount of effort on product development and trials with numerous surgeons. The company is now bringing its technology to the market, aiming for first hospital customers in Finland and the Nordics next year, and expanding to international markets after this.
”This third investment round is an important milestone for Surgify, and, combined with the market approval and patents, positions the company well for market entry. Despite long development cycles in the medical industry, we believe that our work will pay off and that we have a good foundation for building a global business”, Sippola celebrates.
In the media
CEO, Surgify Medical
+358 50 353 1232
Surgify Medical Oy is a Finnish healthcare technology startup, founded in 2017. The company is developing an internationally recognised surgical drill that aims to make bone surgery safer.
The technology was originally developed in a collaboration between Aalto University and the Helsinki University Hospital Department of Neurosurgery. The product is a safety tip that is connected to existing surgical drills. The patented safety mechanism prevents the drill from damaging important soft tissues, such as nerves and blood vessels.
+358 40 581 1051
Innovestor is a Nordic early-stage venture capital investor, who also operates as a direct co-investment syndicator and growth program builder. Currently the firm manages one of the largest private venture-backed portfolios in the Nordics, consisting of close to 100 high-tech companies in multiple fields of technology. Their aim is to be the best home for future new Nordic success stories. At its core, they boost the success and growth of portfolio companies by giving access to capital, know-how, and networks by utilizing their unique ecosystem of co-investors and partners.
Image credit to Surgify Medical