Caresyntax Inc., a startup that helps surgeons provide better patient care, has raised $180 million from investors to enhance its technology.
The company detailed today the capital infusion came as an extension to a Series C round it had originally closed in 2021. The bulk of the financing, $100 million, was provided as equity funding while the rest took the form of growth debt. The round included the participation of medical technology investor surgical.ai, BlackRock, French insurer Relyens and several other institutional backers.
Caresyntax provides a device called the Smart OR Box that hospitals can install in operating rooms to collect data from the medical equipment inside. The device streams the data to a cloud-based environment along with medical images, patient records and related files. During operations, surgeons can view that data on displays installed in the operating room to inform their work.
After an operation, medical teams can study the information that Caresyntax collected about the procedure to better understand complication risks. They can also use the data to prepare for the next surgery. Caresyntax provides software tools that allow medical teams to highlight key moments in surgery footage, add notes and save best practices.
Caresyntax’s feature set also lends itself to several related tasks. Surgeons can use the medical data collected by the company’s platform to train new colleagues. Meanwhile, a built-in scheduling tool helps hospitals pick the date and time of surgeries in a manner that lowers the chance of cancellations, which helps reduce treatment delays.
The company says its platform makes surgical teams more efficient and thereby increases the number of patients they can treat. According to the software maker, some of the healthcare organizations that have adopted its platform perform 50% more surgeries per day than before.
One of the newest additions to Caresyntax’s feature set is a tool called CDaaS that debuted in January. It allows hospitals to share data from operating rooms with medical technology companies. Those companies, in turn, can analyze the data to find ways of improving their medical devices and other products.
Caresyntax says today’s investment follows six months in which its revenue grew 75% year-over-year. The company’s platform is now used in about 3,500 operating rooms worldwide to support more than 30,000 surgical professionals.
“Together with our partners and investors, we are working towards deploying precision surgical tools, empowered by data and AI, to improve patient outcomes,” said Caresyntax co-founder and Chief Executive Officer Dennis Kogan.
Caresyntax will spend a portion of the $180 million investment on acquisitions. According to the company, the goal is to buy market players with technology that can enhance its surgical automation features. It also plans to ramp up organic product development efforts and will expand its international presence in conjunction.