PeekMed, a Portuguese company developing an AI-based 3D pre-operative planning system for orthopedic surgery, has announced the close of a €3 million ($3.7 million) Series A investment round.
The new investment was led by Grosvenor House of Investments and Portugal Ventures.
According to PeekMed, the new funding will allow the company to continue its global expansion, especially in the European and North American markets. The latest proceeds will also help develop 3D Artificial Intelligence planning and Deep Learning technologies, the company said in a statement.
PeekMed says its pre-operative planning system enables health professionals to perform the pre-operative planning of any orthopedic procedure quickly and efficiently in 3 dimensions, using 2D image data from the patient. The system provides more predictable patient treatments, currently focusing on orthopedic surgery, the company said.
Joao Pedro Ribeiro, CEO & Chairman of PeekMed, stated, “Since day one, our vision has been to support surgeons, hospitals, and implant manufacturers to better prepare and simulate surgeries, ultimately leading to cost reduction and better outcomes for the patient.”
“Portugal Ventures believes in the same vision and has been supporting us since the beginning of this journey. With the product already developed and multiple contracts in place, now is the time to expand our market reach and our product’s capabilities. We are happy to have Grosvenor joining us and helping us at this stage to achieve the next milestone,” added Joao Pedro Ribeiro.
Rui Ferreira, Vice President from Portugal Ventures, said: “We are very pleased to see that the new round of investment in this project has been completed, giving the company the resources it needs to pursue its internationalization to key markets, and which is already underway. The team, led by João Pedro Ribeiro, is now in a position to implement their strategy to become a leading solutions provider of orthopedic surgical planning tools worldwide.”
Clinical Decision Support software companies raised $661 million in Q1 2021, compared to $505 million in Q4 2020, a 31% increase in quarter-over-quarter funding activity, according to Mercom Digital Health Funding and M&A Report.