Company extends round amid commercial and company expansion to accelerate rollout of Surgical Intelligence Platform across North America
PALO ALTO, Calif., July 22, 2022 /PRNewswire/ -- Theator, the creator of Surgical Intelligence, announced today that it has raised $24M in an extension of its Series A funding round. This extension follows an initial $15.5M Series A round announced in February 2021, bringing the round total to $39.5M. The extended funding round was once again led by Insight Partners with support from existing investors including Blumberg Capital, Mayo Clinic, NFX, StageOne Ventures, iAngels, and former Netflix Chief Product Officer Neil Hunt. In addition, new growth investors including iCON and TripActions' CEO and Co-founder Ariel Cohen joined the round.
The additional investment will be used to continue Theator's commercial expansion and accelerate the rollout of its Surgical Intelligence Platform in operating rooms and healthcare systems across North America. The series extension comes on the heels of significant commercial traction, including Theator's expansion into Urology earlier this year.
Theator is pioneering Surgical Intelligence to eliminate the paradigm that where you live determines if you live. Theator's Surgical Intelligence Platform institutionalizes the routine capture of surgical video data, harnessing AI and computer vision to automatically analyze every operation. Surgical Intelligence generates actionable insights that optimize patient outcomes, ultimately raising the standard of patient care. Theator's unrivaled library of surgical video and data contains over 30K hours of video, with nearly a billion frames analyzed.
"This funding is a strong vote of confidence in our vision, team, and the field of Surgical Intelligence as the cornerstone of the future of surgery," said Dr. Tamir Wolf, CEO and Co-founder of Theator. "Surgical Intelligence is already demonstrating significant improvement in surgical quality and safety. It's thrilling to hear about the impact our partners and collaborators have achieved thus far, and we look forward to this latest investment advancing our mission to transform surgery and alleviate variability and disparity in surgical care worldwide."
"Theator's technology has proven to be the critical next step in surgical advancement," said Brad Fiedler, VP at Insight Partners. "Integrating AI and computer vision into the operating room improves surgical care and is transforming surgery for the better. We're excited to double down on our investment, especially as Theator's expertise in AI and computer vision is now enhancing patient outcomes across an ever-growing range of commercial partners."
"Theator's Surgical Intelligence Platform is changing the way we as surgeons think about the operating room today," said Dr. Gerald Fried, former Chair of Surgery at McGill University and past president of the Society of American Gastrointestinal and Endoscopic Surgeons (SAGES)."The Platform surfaces key information embedded within a procedure into a format that is usable by surgeons to enhance the safety, quality, and efficiency of what we do in the operating room. Surgical Intelligence is the future of surgery."
With this Series A extension, Theator has raised $42.5M to date. Since its initial Series A round last year, Theator has collaborated with Mayo Clinic and partnered with the Canadian Association of General Surgeons (CAGS), adding further prestige to the burgeoning list of innovative medical institutions and surgical societies adopting Surgical Intelligence. Last December, the company was named on CB Insights' prestigious Digital Health 150 list of the 150 most innovative digital health startups in the world, highlighting industry recognition of Surgical Intelligence as a distinct category for the first time.
Theator is pioneering the Surgical Intelligence revolution, harnessing advanced AI and computer vision technology to generate actionable insights which improve the quality of surgical care. By making routine video capture and analysis the standard of care in surgery, Surgical Intelligence derives never-before-seen-insights to help surgeons and hospital systems understand the causes of variability in patient outcomes and reduce it in the future, while also lowering costs and streamlining procedures in the OR. Theator is partnering with leading surgeons, hospitals, professional societies, and research institutions to create a smarter, more transparent operating room. Based in Palo Alto, California, the company is paving the path for real-time surgical decision-support, creating a stronger, healthier world. For more information, visit https://theator.io/.
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