After taking several sectors under its roof, now virtual reality seems to affect the healthcare industry with its positives.
Recently, Osso VR became a topic of discussion as it contributed to the development of the healthcare industry. This provider of virtual reality surgical training and assessment platform announced that it had raised USD 14 million in Series A funding. The fundraising program was led by Kaiser Permanente Ventures, with Scrum Ventures, GSR, Leslie Ventures, and SignalFire.
The training platform is engineered and designed for surgeons, sales teams, and other healthcare professionals to address issues found during learning new procedures, revising the previous ones, and integrating higher devices into the environment for regular practice. The VR training program comprises custom content creation, managed hardware leasing, support program, and advanced performance analytics of technical skills so that the patient receives maximum outcomes. In a pilot study, it was shown that users trained with this platform performed a level plus surgery than those trained with traditional means. Osso VR works with 20 teaching hospitals and 11 medical device companies across 20 countries and engages with various leading orthopedic residency programs.
Amy Belt Raimundo, Managing Director at Kaiser Permanente Ventures, commented: “I have spent my career focused on using technology in clinical practice and know that proper training is critical to optimizing patient outcomes”. She added, “Being able to perform safe repetitions of procedures has great value, whether it’s for a new resident or an experienced physician who is learning an innovative procedure. Virtual means of training eliminate the restrictions of geography and associated travel costs, so that training can scale regionally, nationally and globally. Nothing has underscored the value of the distributed training model more than the challenges presented by the COVID-19 pandemic.”
“Osso VR is one of the first companies to successfully commercialize VR as a scalable SaaS business offering an automated content creation engine. This delivers a transformational and lower-friction training modality than PDF guides and operating on cadavers,” added Wayne Hu, Partner at SignalFire. “Justin and the team are a force of nature, tackling the incredibly important challenge of closing the healthcare training gap, and we’re proud to have backed them since the very beginning.”
“Being on the frontlines as a provider gives me a daily reminder that we are facing an accelerating challenge with how we train for and practice procedures in medicine,” said Justin Barad, MD, CEO and co-founder of Osso VR. “We set out from day one with a focused mission: to improve patient outcomes, increase the adoption of higher value medical technology, and democratize access to surgical education around the world. Osso VR has done so much in such a short amount of time, yet we have much more to do. With strategic partners like Kaiser Permanente Ventures, we are ready to work together to ensure that patients all around the world have safe access to the best care.”