VR training system closes latest funding round

VR training system closes latest funding round.

Tern, the investment company specialising in the Internet of Things (IoT), has announced that FundamentalVR, a virtual reality (VR) training and data analysis technology platform, has closed a £4.3 million Series A funding round, including a £500,000 convertible loan note conversion, with a post-money valuation of £11.3 million.

VR training system closes latest funding round -

FundamentalVR

This funding round allows for further investment into FundamentalVR’s Fundamental Surgery education platform, which deploys HapticVR, combining VR with haptics.

The implicit price of the syndicated funding represents a 27% uplift on the investment of £1.9 million into FundamentalVR in May and October 2018. Following the funding round, Tern’s shareholding in FundamentalVR will be 26.9% with a valuation of £3 million, representing a fair value increase of £600,000.

The funding round was led by Downing Ventures, with participation from Epic Private Equity and Brighteyes Ventures. Leading medical institutions also participated in the funding round, including Mayo Clinic, one of America’s leading centres of medical excellence, and Sana Kliniken, one of Europe’s leading medical organisations and the third largest hospital organisation in Germany, which is a strong endorsement of the quality of FundamentalVR’s offering.

In conjunction with this funding round, Tern has converted, at a 20% discount to the current fundraising price, £500,000 of convertible loan notes advanced to FundamentalVR (plus interest). Tern provided these bridging loans to FundamentalVR between April and September 2019.

Tern CEO, Al Sisto, said: “We identified early on that FundamentalVR’s team was developing a platform that was very special. A training and data analysis offering which could revolutionise the skills development of surgical practice, while at the same time creating a database of significant importance to the industry. We are delighted that the value and relevance of this exciting business and its entire staff have been recognised by this outstanding syndicate of new investors we helped solidify.

“This is an important milestone for FundamentalVR and it epitomises Tern’s strategy to invest in great teams and ideas, not only through the provision of capital but also with active support and advice for the benefit of our shareholders. Changing the approach to learning and deploying new procedures and products in the world of healthcare is of critical importance for everyone’s future and FundamentalVR is leading the way. We look forward to announcing further important developments in the company.”

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This news story was originally published by Med-tech Innovation. Click here to see the original article.

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VR training system closes latest funding round.