Almost everyone has played Operation at one point in their life, and everyone can remember the focus and patience they applied when using the tweezers to pull out an ailment from Cavity Sam. Real doctors don’t practice using Hasbro’s Operation; they use FundamentalVR, the latest medical training device that uses VR and haptic touch to provide doctors with real life surgical simulations. The startup recognizes how important it is that doctors have the chance to practice operations and perfect their technique. The company also has another product called Hololens, a mixed reality experience, that allows medical students and doctors to manipulate the holograph to make training more effective and memorable.
London TechWatch spoke with CEO Richard Vincent about the company’s latest round of funding.
Who were your investors and how much did you raise?
We raised £900k in a pre-series A round.
Tell us about the product and service that FundamentalVR provides.
SaaS Platform for surgical simulation using virtual reality & haptics
What inspired you to start FundamentalVR?
The potential of VR. I wanted to find an application that could make the most difference of this disruptive and amazing technology
How is FundamentalVR different than other medical training devices?
Are combination of haptics with VR on a low-cost hardware platform is unique in the market
What market are you targeting and how big is it?
Global surgical training market – worth about $2BN today with predictions to grow to $4BN over the next 5 years
What’s your business model?
What was the funding process like?
Lengthy, involved, supportive…very time consuming.
What are the biggest challenges that you faced while raising capital?
Building proof points and convincing VCs that the risk was a fair one.
What factors about your business led your investors to write the check?
It has the potential to make a difference on a global scale; it has unique tech and positioning and it has some early solid proof points.
What are the milestones you plan to achieve in the next six months?
Fully launch the platform in the US and start other market planning.
What advice can you offer companies in London that do not have a fresh injection of capital in the bank?
Talk to as many people as possible in VC market, keep contacting them. Manage burn as closely as possible. Look for potential other sources of funding such as Innovate UK grants.
Where do you see the company going now over the near term?
Focused launch in the US; building out product and team. Building international readiness for other markets.
What’s your favorite outdoor activity in London?
Running along the Thames at lunch time.