Surgify Medical Oy, a Finnish start-up developing a novel neurosurgical safety burr, has raised a €1.0M financing round from a group of international investors. The funding will be used to finalize the innovative burr and to apply for a sales approval in Europe.
The investors joining the startup’s second round of financing include a Finnish venture capital firm Butterfly Ventures, as well as Cascara Ventures from Belgium, Merkatura AB (Andreas Bunge) from Sweden and FRIIH GmBH (Dr. Michael Friebe) from Germany.
According to Dr. Adriaan Hart de Ruijter from Cascara Ventures,the technological know-how behind Surgify’s unique solution and its sustainable competitive advantage are the most significant criteria for new investors to commit to Surgify.
“The recently raised second financing round is an important milestone for Surgify. It enables the company to focus on the core activities, which are to finalize the product and to start the sales as soon as possible. It has been great to see that both Nordic and European investors believe in the team and the mission of making bone surgery safer”, Dr. Hart de Ruijter states.
Surgify’s patent-pending Safety Burr technology prevents nerve and blood vessel injuries that are typically caused by surgical drills. The technology has been initially developed in cooperation between Aalto University and Department of Neurosurgery at Helsinki University Hospital.
Surgify’s actual end product – a safety burr – can be attached to existing surgical drills without changing the use of the drill.Describing the solution as “elegant and simplistic”, the MIT Technology Review journal awarded Visa Sippola, the CEO of Surgify, the prestigious Innovators Under 35 Europe -prize in September 2017.
Surgify aims to bring the Safety Burr technology to the market in 2019. According to the company’s CEO Visa Sippola, the technology has raised great interest amongst hospitals and surgeons globally, including Harvard University’s teaching hospitals in Boston.
Sippola believes that Surgify’s technology has all the potential to fulfill the the company’s mission – that is, making bone surgery safer and saving patient lives – in the future.
“The fact that we also bring clear cost savings to surgery will be of help in carrying out that mission: as an example, the complications caused by the current surgical drills cost over 4 billion euros each year globally”, he points out.