October 7, 2020
Avail Medsystems Raises Funding to Support Expanded Commercialization of its Procedural Telemedicine System
October 7, 2020—Avail Medsystems announced the completion of a $100 million Series B funding that will be used to expand commercialization of the company’s Procedural Telemedicine system.
According to the company, the Avail system consists of a portable console used by surgeons in the operating room, paired with a versatile app for experts advising remotely on the procedure. The Procedural Telemedicine system gives a surgical team access to that expertise without having more people in an operating room by allowing outside experts to stay outside and join remotely.
Avail’s Procedural Telemedicine system is designed for remote collaboration during procedures or for clinical education and training. The system, which integrates dedicated software and hardware, is secure, private, seamless, and mobile, noted the company.
Additionally, the system is supported by the Avail Portal, a secure online platform that allows users to easily manage schedules, update availability in real time, and collaborate at the click of a button. The Portal also provides tools to support medical device representatives.
“The Avail system is a game changer for remote procedural support and clinical education,” commented Alexander Coon, MD, in the company’s announcement. Dr. Coon is Director of Endovascular and Cerebrovascular Neurosurgery at Carondelet Neurological Institute in Tucson, Arizona. He continued, “There is no other technology that provides all of the capabilities that I need when I’m in the procedure room, including an easy-to-use integrated system, compact and mobile hardware, zero latency, and high-quality imagery. Since first using the Avail systems for a brain aneurysm surgery, it’s helped me save time and money while increasing my productivity and capacity for training.”
Avail Medsystems CEO Daniel Hawkins stated, “For too long, medical information sharing and collaboration have depended on in-person communication, which is costly and time consuming and increases infection risk. Our purpose-built technology removes these barriers, enabling medical collaboration, information sharing, and training independent of location. While our journey began long before COVID-19, the pandemic has shone a spotlight on these issues and accelerated the need for remote presence in the operating room.”
The funding was led by D1 Capital Partners, with participation from 8VC and existing investors. Avail previously raised $25 million in Series A and Series A-1 funding from investors including Lux Capital, Coatue, Sonder Capital, Playground Global, Baidu Ventures, and Refractor Capital.
Mr. Hawkins added, “We are thrilled to welcome D1 Capital as our new lead investor as we continue to bring the Avail System to new clinical specialties and further penetrate those where we already have a presence, including a full range of cardiovascular interventions, neurology, electrophysiology, orthopedics, and general surgery. With this additional funding, we will further improve access to medical expertise; save time and money for health care facilities, medical device companies, and ultimately patients; and enable more rapid adoption of new medical technologies.”