The Clermont-Ferrand-based start-up has just raised €11 million to develop its augmented reality solutions for minimally invasive surgery. Here are some insights from the experts at AURIS Finance, a consultancy specialising in mergers and acquisitions.
This is a new step for SurgAR, which aims to accelerate its development by launching the marketing of its first medical equipment. Called U-SurgAR, this device is designed for minimally invasive surgery on fibroids and endometriosis in the uterus. It is one of the first augmented reality solutions for abdominal surgery. Having raised €1.75 million in 2020, SurgAR is now seeking new financial partners. Alongside the historical investors, UI Investissement and Crédit Agricole Capital Innovation, there is also the Mutuelles Impact fund, managed by XAnge, the venture capital fund Elaia Partners, MH Innov’ (Malakoff Humanis’ corporate fund) and Bpifrance via its Digital Venture fund. This round of financing also received contributions from several business angels, including Jacques Gardette, the founder of Biocorp.
AI and modelling
The company’s distinctive technology, which generates 3D models from conventional medical imaging (MRI, CT scans and X-rays), sets it apart in the market. To achieve this, the platform employs a combination of computer vision and artificial intelligence. The company is also studying the potential of other devices. L-SurgAR and K-SurgAR, designed for the treatment of liver and kidney cancers. The funds raised will be used to finalise the operation of these devices, with a view to marketing them in the near future. The company is also developing solutions based on artificial intelligence, notably for endometriosis.
A deeptech ecosystem
During its development, SurgAR has collaborated with a range of partners from both the public and private sectors. The start-up has relied heavily on the university ecosystem, in collaboration with the Clermont-Ferrand University Hospital and the EnCoV team at the Institut Pascal (Clermont-Auvergne University, CNRS, INP Clermont-Auvergne). Nicolas Bourdel, the CEO of SurgAR, also serves as a Professor of Surgery at the University of Clermont Auvergne and practices as a surgeon at the Clermont-Ferrand University Hospital. This is how the group became an early partner of university hospitals, with collaborations in France and abroad. SurgAR has distinguished itself as an innovative company by securing several tenders, including the BPI Deeptech programme and the H2020 FEMaLe project on endometriosis. Concurrently, the group has embarked on a measured expansion of its resources, growing from two to 32 employees in just a few years. Following the new funding round, the company aims to recruit around ten new employees.
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In a period of heightened caution among venture capital funds regarding their investments, deeptechs are demonstrating resilience. In 2023, European deeptech start-ups successfully secured $15 billion in funding despite the challenging economic climate. French deeptechs, in particular, demonstrated significant growth, raising €4.1 billion in 2023, marking an impressive 38% increase compared to the previous year. France boasts a thriving ecosystem of innovative companies, supported by a dedicated public sector and a strong private sector. Deeptechs with proven technologies that, like SurgAR, have worked closely with university research centres, remain highly sought-after by venture capital funds. In the healthcare sector, the close collaboration with academic institutions provides them with a strategic advantage in accessing the market. AURIS Finance’s sector-specialised experts are available to support your growth strategy. They can assist with finding financial partners and integrating a new target.
