Caresyntax Raises $100M to Expand Use of Digital Surgery Platform
Caresyntax, a company that has developed a digital surgery platform, has closed a $100 million Series C funding round to expand is reach. Headquartered in Boston, Caresyntax software is used in more than 4,000 operating rooms worldwide and supports surgical teams in over 2 million procedures per year.
Caresyntax said its digital surgery platform uses proprietary software and artificial intelligence (AI) to analyze large volumes of real-world data in and around the operating room to deliver insights that can be used immediately by the care team and longer-term by a variety of critical stakeholders, including surgeons to assess and improve care. Caresyntax also offers virtual, real-time access to outside experts, such as medical school instructors or medical device representatives, through its digital platform.
“Operating rooms need to perform as effectively and efficiently as possible, and this is especially true now to make up for the surgical backlog driven by the pandemic,” said Dennis Kogan, Caresyntax founder and CEO, in a statement. “With better technology to safely automate surgical pathways while generating decision-grade real-world evidence, we will improve health care decision-making, mitigate surgical risks, and advance high-value medical technology.”
The new funding round was led by PFM Health Sciences LP, and included participation from Optum Ventures, Intel Capital, Lauxera Capital Partners, Vesalius Biocapital III, Arno Capital, Rezayat Investments, as well as current investors IPF Partners, the Relyens Group, and Surgical.AI. Caresyntax said the funding will help it accelerate expansion in key markets, further research and development of its AI analytics, build out its platforms, and expand its employee base.
At the close of 2019, Caresyntax announced the acquisition of Syus, a company that provides solutions for operating room operations and cost analytics. This acquisition extended Caresyntax’s hospital footprint and further enhanced the company’s capabilities to improve business outcomes for hospitals via real-world data.
Since the acquisition, Caresyntax has partnered with University of Iowa Health Care to evaluate and standardize pathways in the OR and the University of Massachusetts Medical School to modernize virtual training and identify safety indicators for clinical settings. In April 2021, Caresyntax was selected by the American Board of surgery to provide a platform for its pilot program incorporating video-based assessments into their board certification process.
Caresyntax noted that its growth comes at a critical time for hospitals as canceled surgeries contributed to more than $200 billion in revenue losses between March and June of 2020. To compound those losses, it is estimated that it could take up to two years to work through the surgical backlog, even operating at 10 to 20 percent above historical volume.