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News Release - August 29, 2017
ExplORer Surgical, the OS for the OR, Announces $3M Series A FinancingFunding to accelerate commercialization of interactive workflow management platform for surgery
CHICAGO, Aug. 29, 2017 -- (Healthcare Sales & Marketing Network) -- ExplORer Surgical, a leading platform for intraoperative surgical and interventional procedure workflow management and analytics, announced today the closing of an oversubscribed $3M Series A Financing. Aphelion Capital led the round with participation from existing and new investors including Elliott Management, the University of Chicago, M25 Group, and the Harvard Business School Angels of Chicago. In conjunction with the financing Ned Scheetz, Anne Sissel, Immanuel Thangaraj, and Kurt Azarbarzin will be joining the Board of Directors.
"I've seen the traditional solutions for managing the OR fall short for years. The proliferation of new devices and tools adds additional layers of difficulty for surgical teams. As clinical protocols become more complex, it is critical to coordinate teams around best practices," said Ned Scheetz, managing partner of Aphelion Capital. "ExplORer has developed an elegant, tech-enabled platform with broad applicability. We are pleased to support their mission to improve quality and efficiency of the OR and interventional suites."
Aphelion Capital, based in Mill Valley, CA, invests exclusively in medical technology.
ExplORer's software as a service ("SaaS") tool serves as an interactive digital playbook to manage, track and analyze intra-operative activity and information for the operating room and interventional suites. It is used by hospitals and medical device manufacturers to support team coordination during procedures and to enable more granular analytics on procedure activity. The company was founded out of a research laboratory at the University of Chicago Medical Center led by head and neck surgeon Dr. Alex Langerman.
"Key stakeholders, including hospitals and medical device companies, are facing increasing pressures to reduce cost and improve the quality of care. ExplORer provides the leading platform and analytics solution to address these challenges and improve the efficiency, management and workflow of the OR," added Anne Sissel, vice president of Baxter Ventures.
"For decades, the critical processes of surgery have been mapped out and managed on paper, and we are ready to change the game with our digital, real-time platform and analytics solution," said CEO Jennifer Fried. "The investor syndicate and Board of Directors have an impressive track record in building medical technology companies that will be instrumental to our growth strategy. We are thrilled to have continued support from those who have successfully innovated in the surgical space for decades."
ExplORer Surgical also represents the first investment for the UChicago Startup Investment Program, with the University of Chicago investing directly out of its $7.5B endowment. Joanna Rupp, head of private equity investments for the endowment, adds, "ExplORer Surgical has a successful track record since its formation at the University, and we are proud to support the team on behalf of the institution where it all began."
To learn more, please visit www.explorersurgical.com
About Aphelion Capital
Aphelion Capital invests in medical technology companies across all stages and therapeutic areas, but strongly prefers investments in companies with low capital requirements and short time lines to market. The fund is generally a long-term investor in companies that they believe have superior products and strong management teams. They prefer private investments where they can partner with the company to enhance success and value appreciation. Aphelion leverages its substantial medical technology knowledge and deep networks to enhance returns for both the fund and the entrepreneurs in whom the fund invests.
About Elliott Management
Elliott Management Corporation manages two multi-strategy hedge funds which combined have more than $33 billion of assets under management. Its flagship fund, Elliott Associates, L.P., was founded in 1977, making it one of the oldest hedge funds under continuous management. The Elliott funds' investors include pension plans, sovereign wealth funds, endowments, foundations, funds-of-funds, high net worth individuals and families, and employees of the firm.
About The University of Chicago Innovation Fund
The University of Chicago's $7.5 billion endowment is invested across a broad range of asset classes with the objective of benefiting both current and future generations of the University of Chicago. The endowment is an experienced Private Equity investor, having made its first investment in the asset class in 1978. This investment is the first commitment out of the new UChicago Startup Investment Program which seeks to provide capital to companies with deep ties to the University.
About M25 Group
M25 Group is a Chicago-based venture capital firm run by Victor Gutwein and Mike Asem. Since the fund's inception in 2015, the firm has invested in over fifty early-stage, Midwest-based tech startups. M25's objective, analytical model has helped support their thesis and craft an 'index fund of Midwest startups.' Their collaborative, forward-thinking approach and diverse investments across industries and business models throughout the region have allowed M25 to establish themselves as a key node in Midwest startup ecosystem.
About Harvard Business School Angels of Chicago
The Harvard Business School Angels of Chicago invest in and directly support the growth of early stage ventures, primarily located in the Chicago area and surrounding region. Recognized as one of Chicago's most active early stage investors, the organization consists of current and former executives, entrepreneurs, and venture capitalists with a serious commitment to investing their capital, expertise, and time into high potential entrepreneurial ventures to enable their success.
Source: ExplORer Surgical
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