Osso VR Raised $14 Million for VR Surgical Training
Immersive medical training has been the main entreport for virtual reality deployment in the medical world. There are already leading players like FundamentalVR which is a leader in immersive surgical training. Osso VR is another major player in this niche.
Following the social isolation measures imposed in the COVID-19 era and the subsequent remote work and remote training applications, many investors have been showing a strong interest in this area.
VR training tools like those from Osso VR have gone to successfully raise loads of money. Osso VR has recently concluded a $14 million funding round from a coterie of investors led by the investment arm of Kaiser Permanente, a healthcare giant with a network of managed facilities as well as services across the U.S. Osso VR’s previous backers as well as new investors also participated during this funding round. They include Scrum Ventures, SignalFire, GSR, OCA Ventures and Leslie Ventures.
Osso has seen the adoption of its platform explode during the COVID-19 pandemic as many healthcare networks and medical device manufacturers are now shifting to training tools that don’t require the physical presence of a technician.
Osso founder Dr. Justin Barad stated that the market for medical device education services now stands at between $3 billion and $5 billion and is growing fast.
Osso VR develops generic educational content to be used for training purposes. It also produces company-specific VR educational videos for various small companies and corporations including Johnson & Johnson. These immersive productions include everything from instruction videos about vascular surgery to the tips and tricks for robotic surgery training.
Kaiser Permanente Ventures stated that its strategic investment in Osso was not driven on what it (Kaiser) uses but the organization tends to follow its employees’ cues. The organization has some employees that are interested in using Osso VR technology.
Currently, Osso VR has about 30 customers. 12 of its staff are in the medical device space. The company also leverages Oculus Quest headsets and its technology is already deployed in 20 hospitals in 20 different countries. According to the company, a recent validation study showed that surgeons that train with Osso VR demonstrated a 230% improvement in their overall surgical performance.
Osso ultimately aims to democratize healthcare. Founder Dr. Barad stated that its technology aims to improve patient outcomes, democratize access and improve education. He continued that Osso is currently in a position to tackle the “broader problems in healthcare” now that the VR platform is growing and Osso’s own technology is also growing and maturing.