Avail Medsystems, maker of a telemedicine platform fine-tuned for remote procedure room collaborations, has claimed $100 million in a Series B raise headed by D1 Capital Partners. 8VC and the company’s existing investors – a list that includes Lux Capital, Coatue, Sonder Capital, Playground Global, Baidu Ventures and Refractor Capital – also participated.
WHAT IT DOES
The Palo Alto, California company’s technology allows surgical teams to virtually consult with outside experts while they are in the midst of a procedure.
HIMSS20 Digital
On-site, the system is powered by a portable console outfitted with HD cameras, adjustable arms, and a monitor and touchscreen interface. Meanwhile, those calling into the procedure may do so via an app allowing for real-time annotation and other image-control options. The HIPAA-compliant system is tied together with a user portal that helps coordinate schedules and connections between the two parties.
“For too long, medical-information sharing and collaboration have depended on in-person communication, which is costly and time consuming, and increases infection risk,” CEO Daniel Hawkins said in a statement. “Our purpose-built technology removes these barriers, enabling medical collaboration, information sharing, and training independent of location. While our journey began long before COVID-19, the pandemic has shone a spotlight on these issues and accelerated the need for remote presence in the operating room.”
WHAT IT’S FOR
Hawkins said in the announcement that the company is continuing to push into new clinical specialties, such as cardiovascular intervention, neurology and orthopedics, but that the money from the raise will help “further improve access to medical expertise; save time and money for healthcare facilities, medical device companies, and ultimately patients; and enable more rapid adoption of new medical technologies.”
MARKET SNAPSHOT
Although telehealth and virtual care technologies at large have flourished over the past few months, platforms focused on various type of specialist consultations or second opinion services have been a mainstay for provider customers as well as consumers.
But it’s also been an area of some consolidation. Just a few months ago, InfiniteMD was snapped up by fellow virtual-second-opinion company Consumer Medical, while Teladoc bought up and assimilated Best Doctors’ consultation offerings back in 2017. Other names active in the space include RubiconMD, MediOrbis and Oncoshot.
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