Care syntax has raised $180 million in a Series C expansion and debt financing round, the company announced today. The move will further fuel the development and marketing of its “Surgical Intelligence Platform,” a software-as-a-service (Saas) offering aimed at improving surgical outcomes for patients by connecting the entire surgical process through technology — from booking staff to monitoring the operation with close-up video to providing analytics on surgical outcomes and costs.
The platform can even be connected to other existing robotic surgery instruments and equipment used in operating rooms around the world.
The new funding builds on Caresyntax’s previous Series C financing of $130 million in 2021 and other sources, bringing total funding since its founding in 2013 to approximately $400 million.
VentureBeat spoke with co-founder Bjoern von Siemens to explain how Caresyntax plans to generative AI and machine learning in hospital and healthcare operating rooms.
The discussion revealed both promising developments and ongoing challenges in the quest to make surgery smarter and safer.
Splitting the financing
The $180 million raise consists of $80 million in equity and $100 million in growth debt. Investors include Symbiotic Capital, BlackRock Innovation Capital and Optum Ventures.
Von Siemens said the funding will boost customer adoption in the US and EMEA regions, accelerate AI development and support further acquisitions.
Caresyntax claims 75% revenue growth in the first half of 2024, but specific figures have not been disclosed.
Data Acquisition: The Foundation of Precision AI
Central to Caresyntax’s approach is the comprehensive data acquisition strategy. “At the fundamental level, we acquire structured and unstructured data along the care pathway,” von Siemens explains.
This includes patient data, contextual data about the care location, and data about the devices and robotic systems used.
In the operating room, Caresyntax implements IoT and edge computing solutions to create a uniform data stream. This approach enables real-time analysis and insights after surgeryThe company's solutions are present in more than 7,000 operating rooms and used by more than 40,000 surgical teams worldwide.
Interestingly, Caresyntax also taps into perhaps unconventional data sources. Von Siemens noted how useful YouTube is for training data. “If you’re looking for surgical videos, something to shock yourself with over a cup of coffee, you can see almost anything.”
The company is partnering with Google and YouTube to access this massive database of surgical videos, which many surgeons use for education and preparation.
Supplier partnerships and open ecosystem
Caresyntax takes an open, vendor-neutral approach and positions itself as the “Android for robotic surgery.” This strategy contrasts with the closed ecosystems of established surgical robotics companies.
“We are as open as we can be. But of course, lives are at stake, so you have to build a medically certified software system for the intraoperative part,” von Siemens explained. This balanced approach allows Caresyntax to maintain the necessary medical certifications while fostering innovation.
The company has established partnerships with several robotic surgery providers, including Medtronic, B. Braun and Cambridge Medical Robotics. In addition, Caresyntax works with insurers such as Relyens and ProAssurance, as reported in a press releaseto improve risk management and cost-effectiveness in surgical interventions.
Navigating regulatory challenges
Caresyntax's open ecosystem approach faces significant challenges regulatory hurdlesThe company navigates this landscape by leveraging a hybrid data storage model.
“We have an edge to cloud system. And the edge is medical grade, so that's locked down… otherwise you can't implement it,” von Siemens said.
To facilitate data sharing while maintaining patient privacy, Caresyntax has established a patient safety organization for surgery. This allows clients to choose to share anonymized data for research purposes, potentially accelerating innovation in the field.
Measurable impact and vision for the future
According to Medical Devices NetworkHospitals using the Caresyntax platform saw a 39% increase in block utilization and a 25% increase in billable minutes.
The platform could potentially save hospitals more than $500 per case through efficiency improvements and reduced risk of complications.
While von Siemens is currently focused on AI assistance, he sees a future with more autonomous AI in surgery. “The next step would be to connect those simulations with the actuation, so that we can actually have fully autonomous robotic systems perform the surgery,” although implementation is still a long way off, von Siemens said.