Back to Blog

Top-up Round Strengthens Formus Financial Position

A recently opened top-up round has further strengthened Formus Labs’ long-term capital outlook, despite the COVID-19 pandemic.

Prior to this, a significantly oversubscribed seed round in 2019 had placed Formus in a strong financial position. With commitments now exceeding NZ$500,000 this round, we are set up to flourish well into 2021 and beyond, resilient against the pandemic’s adverse impact on the general availability of venture capital.

“We’re tremendously thankful for our existing local shareholders, along with new US-based investors. With their support, we’re confident we can ride out this pandemic and be well-positioned to take advantage of remote medicine opportunities moving forward”, assured Formus CEO, Ju Zhang.

Parties involved in this bridging round include Cure Kids Ventures, Flying Kiwi Angels, and NZGCP (formerly NZVIF), along with a prominent US investor and local private investors. A strong commitment from Cure Kids Ventures emphasizes their continued commitment to supporting local healthcare innovation in the current climate.

Product development will proceed as planned, incorporating data from our existing case studies while hospital access restrictions remain in place. With a full product launch to take place as soon as is reasonably practicable, we look forward to meeting the demand for telehealth tools that provide a safe, streamlined alternative to in-person planning.

More from the Lab

Formus Labs Team Grows to 10

Joining the Formus Labs team in newly created roles are a dedicated Product Lead, Computer Vision Engineer, and Office Administrator, bringing the total team size to 10 full-time employees.

Read Story

Formus Platform Achieves International Certification

Formus Labs is proud to announce that we have recently been awarded ISO 13485 certification, a significant step toward achieving regulatory approval in international markets.

Read Story

Welcoming Dr. George Grammatopoulos

Formus Labs is pleased to announce that internationally regarded, Oxford-trained orthopaedic surgeon, Dr. George Grammatopoulos, has joined our growing clinical advisory board. Dr. Grammatopoulos will provide expert feedback on ongoing clinical evaluations and further development of Formus Labs’ AI-automated 3D pre-operative planning software.

Read Story

Subscribe for the latest news and product updates

We will never share your email address with third parties.