Theator Increases Funding to Support Commercialization of Surgical Intelligence Platform

July 22, 2022—Theator announced that it has raised $24 million in an extension of its Series A funding round. This extension follows an initial $15.5 million Series A round announced in February 2021, bringing the round total to $39.5 million.

According to the company, the additional investment will be used to continue Theator’s commercial expansion and accelerate the rollout of its Surgical Intelligence Platform in operating rooms and health care systems across North America. The series extension comes on the heels of significant commercial traction, including Theator’s expansion into urology earlier this year.

Theator’s Surgical Intelligence Platform, which seeks to eliminate the paradigm that where people live determines if they live, institutionalizes the routine capture of surgical video data, harnessing artificial intelligence and computer vision to automatically analyze every operation.

The company noted that Surgical Intelligence generates actionable insights that optimize patient outcomes, ultimately raising the standard of patient care. Theator’s library of surgical video and data contains more than 30 thousand hours of video, with nearly a billion frames analyzed.

“Theator’s Surgical Intelligence Platform is changing the way we as surgeons think about the operating room today,” commented Gerald Fried, MD, in the company’s press release. Dr. Fried is former Chair of Surgery at McGill University in Montreal, Canada, and past President of the Society of American Gastrointestinal and Endoscopic Surgeons. Dr. Fried continued, “The Platform surfaces key information embedded within a procedure into a format that is usable by surgeons to enhance the safety, quality, and efficiency of what we do in the operating room. Surgical Intelligence is the future of surgery.”

The extended funding round was led by Insight Partners with support from existing investors including Blumberg Capital, Mayo Clinic, NFX, StageOne Ventures, iAngels, and former Netflix Chief Product Officer Neil Hunt. In addition, new growth investors including iCON and TripActions’ CEO and Cofounder Ariel Cohen joined the round.

Theator CEO and Cofounder Tamir Wolf, MD, PhD, commented in the press release, “This funding is a strong vote of confidence in our vision, team, and the field of Surgical Intelligence as the cornerstone of the future of surgery. Surgical Intelligence is already demonstrating significant improvement in surgical quality and safety. It’s thrilling to hear about the impact our partners and collaborators have achieved thus far, and we look forward to this latest investment advancing our mission to transform surgery and alleviate variability and disparity in surgical care worldwide.”

Finally, the company advised that with this Series A extension, Theator has raised $42.5 million to date. Since its initial Series A round last year, Theator has collaborated with Mayo Clinic in Rochester, Minnesota, and partnered with the Canadian Association of General Surgeons, adding to a growing list of medical institutions and surgical societies adopting Surgical Intelligence. In December 2021, the company was named on CB Insights’ Digital Health 150 list of the 150 most innovative digital health startups in the world, highlighting industry recognition of Surgical Intelligence as a distinct category for the first time, noted Theator.