AUCKLAND, New Zealand, Feb. 2, 2022 /PRNewswire/ -- Formus Labs, the world's first automated 3D planner for joint replacement surgeries, today announced it has raised US $5 million (USD) and the public launch of its orthopedic surgery planning solution which provides surgeons with unprecedented insight into the pre-operation planning process. The investment was led by VC firm GD1 (Global from Day 1), with participation from Punakaiki Fund, Icehouse Ventures, Pacific Channel, and Flying Kiwis. The company will use the funds to accelerate product development and its expansion into the US.
Formus Labs also announced its partnership with Zimmer Biomet, a global medical technology leader committed to the co-development and commercialization of Formus Hip in Australia and New Zealand, as well as to the investigation of international markets for global expansion.
Globally, one in five knee replacements are unsatisfactory and one in ten hip replacements need revision, which ends up costing the orthopedic industry $10 billion (USD) per year. Joint replacement surgery is extremely technical and each procedure is unique since each patient requires different sized and positioned parts. Additionally, the process to accurately diagnose, size and complete a joint replacement is currently fraught with time-intensive manual imaging processing, as well as other costs related to sterilization and shipping logistics when it comes to the range of trays needed for each surgery.
The Formus platform is ushering in the future of orthopedic planning by fully automating the joint replacement planning process. It uses artificial intelligence and biomechanics to produce fully interactive 3D models to pinpoint the size and orientation required before a patient ever enters the operating room. It also allows surgeons to work on cases remotely at any hospital anywhere in the world, significantly reducing patient wait times, improving overall workflow, and ultimately creating better outcomes for patients.
With Formus Labs a surgeon can get automated, specific plans that are personalized to each patient. The software is able to deliver plans in an hour and can be updated in real time making same day 3D planning a reality.
"Everyone knows someone that has had a joint replacement, but few know just how complex, variable, and costly the process can be," said Dr. Ju Zhang, founder and CEO of Formus Labs. "Our goal is to make orthopedic surgery as simple as it can be by arming surgeons with the latest cutting-edge technology so every joint replacement has a Formus plan that reduces the need for revisions, instills confidence, and facilitates better outcomes for patients, at a lower cost."
"We have been tracking Formus Labs for a while and from the very first time we met with Ju and the Formus team, we were impressed with the passion and vision to modernize a part of the care continuum that is still woefully underserved. We are very excited to support their critical mission in helping to deliver state-of-the-art, personalized, data-driven and scalable orthopedic care globally and look forward to the team executing on its goals," said John Kells, co-managing partner at GD1. "As value adding partners beyond the capital we've invested, GD1 will continue to work closely with Formus to refine their go-to market strategy, assist with the team's expansion, and by identifying strategic partners and co-investors for the journey ahead."
Formus Labs will officially launch the Hip product offering in Australia and New Zealand this month, to be followed by focused and strategic product evaluation in the United States after expected FDA approval in mid-2022. The company is rapidly expanding its team, both in ANZ and the US, including strategic computer-guided orthopedic surgery experts, engineering, commercial, and marketing roles. For more information visit, formuslabs.com/careers.
About Formus Labs
Formus Labs is the world's first automated 3D planner for joint replacement surgeries. The Formus cloud platform brings surgeons together with AI and computational biomechanics to deliver cutting-edge orthopedic software solutions. Founded from within the world-renowned Auckland Bioengineering Institute, Formus empowers surgeons to improve the lives of patients worldwide. For more information, visit formuslabs.com.
GD1 is an institutional-grade VC fund manager supporting globally ambitious companies with capital, operating expertise, and a vast network in order to help them achieve growth on the world stage. We invest from seed to scale, with headquarters in New Zealand and connections globally. Our purpose is to help New Zealand founders and teams believe bigger by helping New Zealand to dream, act, and achieve at a global scale. GD1's deep expertise in venture capital and real-world global operating knowledge was gained via experience in technology companies across Europe, Silicon Valley, and New Zealand. This experience, as well as ongoing relationships, ensures that founders and management teams are supported from day one. We dedicate our expertise, resources, and networks to influence change and build global winners. For more information, visit gd1.vc.