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Venture Capital News: Osso VR Inks $2M

2017-06-15
PALO ALTO, CA, Osso VR, a leading virtual reality surgical training technology company, announced today it has raised $2M in a Series Seed financing led by SignalFire, with participation from Anorak Ventures.
Gaps in training are leading to increased complication rates for patients as newer and more complex technologies and procedures come to market. Osso VR's training platform is designed for surgeons, sales teams and other trainees to address this critical deficiency in how providers learn to use complex medical devices. The technology provides realistic, haptic-enhanced, interactions in an immersive training environment. Osso VR is device agnostic, and is currently compatible with Oculus Rift/Touch and HTC Vive hardware.

Osso VR's team is a top-tier group of practicing clinicians, professional VR developers and medical device industry veterans. Osso VR's co-founder and CEO, Dr. Justin Barad, is a Harvard and UCLA trained orthopaedic surgeon and co-founder and CTO Matt Newport comes from 15 years in professional game development most recently at Electronic Arts. The Chair of Osso VR's scientific advisory board is Dr. Thomas Krummel, chair emeritus of Stanford University School of Medicine and co-director of Stanford Biodesign.

"Osso VR's vision is to improve patient safety and outcomes by addressing the critical training issues facing the modern surgeon," says Dr. Barad. "Today, busy healthcare providers' time is dominated by electronic medical record systems and other obstacles, leaving them little room to take care of patients or even to see their families. Travelling to a remote training course to learn about new medical technology is becoming less feasible and less effective. Osso VR brings these courses to the provider, giving them an on-demand, hands-on way to train with new medical technology allowing them to bring the safest and most effective procedures to their patients."

Osso VR's surgical training technology provides on-demand, educational experiences that are effective, repeatable, and measurable. Other trainees, such as sales representatives, can experience surgeon level access to the same training content.

Through Osso VR's analytics dashboards, trainees and administrators can receive feedback regarding their run-throughs and tailored guidance to help them reach proficiency.

"Osso VR is unique, with a founding team that combines the deep domain expertise of leading medical practitioners and device industry veterans with the technical savvy of AAA developers" said Wayne Hu from SignalFire. "We were extremely impressed by the industry feedback on their market ready solution that is the most effective and safest training method for healthcare providers and device company representatives. We couldn't be more excited to help the team continue to unlock greater access to cutting-edge, life-changing technologies for patients."

Osso VR has been selected by the US Department of Education as one of five leading simulation companies in the country as a finalist in the USDE EdSim Challenge. Osso VR has also been listed as a MedTech Innovator top 20 company. For more information about Osso VR and for a preview of the technology, visit www.ossovr.com.

Osso VR is currently actively working with major device manufacturers and is going to use the fundraising proceeds to scale up production to meet increasing industry demand for virtualized hands-on training.

About Osso VR
Osso VR, based in Palo Alto, is an award-winning surgical training platform designed for surgeons, sales teams, and other trainees with a wide spectrum of learning needs. The company's solutions provide incredibly realistic, haptic-enhanced, hands-on interactions, in a completely immersive training environment. Co-founder and CEO of Osso VR, Dr. Justin Barad, is a board-eligible orthopaedic surgeon with a Bioengineering degree from UC Berkeley, and an MD from UCLA where he graduated first in his class. He completed his residency at UCLA, and his fellowship was in pediatric orthopaedics at Harvard and Boston Children's Hospital.
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