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CARESYNTAX SECURES $180M TO BUILD AI-POWERED ‘ANDROID OF ROBOTIC SURGERY’

Bryson Masse@Bryson_M
August 15, 2024 5:00 AM
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Image Credit: MAD.vertise/Shutterstock

Caresyntax has raised $180 million in a Series C extension and debt financing
round, the company announced today, further fueling the development and
marketing of its “surgical intelligence platform,” a software-as-a-service
(Saas) offering that seeks to improve surgery outcomes for patients by
connecting the entire surgery process through tech — from booking staff to
monitoring the surgery with close-up video to providing analytics about surgery
outcomes and costs.

The platform can even connect to other existing robotic surgery tools and
equipment found in operating rooms around the world.

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Organizational Readiness in the Age of AI: From Technology to Transformation
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Organizational Readiness in the Age of AI: From Technology to Transformation


Now, the new funding funding builds on Caresyntax’s previous $130 million Series
C from 2021 and other sources, bringing its total funding to around $400 million
since its founding in 2013.

VentureBeat spoke with co-founder Bjoern von Siemens to unpack how Caresyntax
plans to deploy generative AI and machine learning in hospital and healthcare
operating rooms.

The conversation revealed both promising advancements and lingering challenges
in the quest to make surgery smarter and safer.


BREAKING DOWN THE FUNDING

The $180 million raise consists of $80 million in equity and $100 million in
growth debt. Investors include Symbiotic Capital, BlackRock Innovation Capital
and Optum Ventures.

Von Siemens stated the funding will drive customer adoption in the U.S. and EMEA
regions, accelerate AI development,and support further acquisitions.

Caresyntax claims a 75% revenue increase in the first half of 2024, though
specific figures weren’t disclosed.


DATA ACQUISITION: THE FOUNDATION OF ACCURATE AI

Central to Caresyntax’s approach is its comprehensive data acquisition strategy.
“At the foundational layer, we are acquiring structured and unstructured data
during the care pathway,” von Siemens explained.

This includes patient information, contextual data about the care site and
details on devices and robotic systems used.

In the operating room, Caresyntax deploys IoT and edge computing solutions to
create a unified data stream. This approach enables real-time analysis and
post-surgery insights. The company’s solutions are present in over 7,000
operating rooms and are used by more than 40,000 surgical teams globally.

Interestingly, Caresyntax also leverages perhaps unconventional data sources.
Von Siemens noted the utility of YouTube for training data. “If you look for
surgical videos, something to shock yourself with over a coffee, you can see
everything, almost.”

The company collaborates with Google and YouTube to tap into this vast
repository of surgical videos, which many surgeons use for education and
preparation.


VENDOR PARTNERSHIPS AND OPEN ECOSYSTEM

Caresyntax is taking an open, vendor-neutral approach, positioning itself as the
“Android for robotic surgery.” This strategy contrasts with the closed
ecosystems of incumbent surgical robotics companies.

“We are as open as we possibly can be. But of course, lives are at stake and so
you have to build a medical class certified software system for the
intraoperative part,” von Siemens explained. This balanced approach allows
Caresyntax to maintain necessary medical-grade certifications while fostering
innovation.

The company has established partnerships with several robotic surgery providers,
including Medtronic, B. Braun and Cambridge Medical Robotics. Additionally,
Caresyntax collaborates with insurers like Relyens and ProAssurance, as reported
in a press release, to enhance risk management and cost-efficiency in surgical
procedures.


NAVIGATING REGULATORY CHALLENGES

Caresyntax’s open ecosystem approach faces significant regulatory hurdles. The
company navigates this landscape by employing a hybrid data storage model.

“We have an edge to cloud system. And the edge is the medical grade, so that is
closed off… otherwise you cannot deploy it,” von Siemens said.

To facilitate data sharing while maintaining patient privacy, Caresyntax has
established a patient safety organization for surgery. This allows clients to
opt into sharing anonymized data for research purposes, potentially accelerating
innovation in the field.


MEASURABLE IMPACT AND FUTURE VISION

According to Medical Device Network, hospitals using the Caresyntax platform
have seen a 39% increase in block utilization and a 25% increase in billable
minutes.

The platform can potentially save hospitals more than $500 per case through
efficiency improvements and reduced complication risks.

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While currently focused on AI assistance, von Siemens envisions a future with
more autonomous AI in surgery. “The next step would be to connect those
simulations into the actuation so to actually have fully autonomous robotic
systems doing the surgery,” although deployment remains far away, he stated.

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