New Investment Opportunity: SynergyMed
Medical 3D visualization and printing platform improves outcomes, cuts costs
- Ability to design and 3D print patient-specific surgical tools and implants set to revolutionize the way surgeons perform procedures
- Proprietary software-only platform is hardware agnostic and can be used with any standard 3D printer, without specialist technical knowledge
- Already used in 1,200 surgical procedures across 16 surgical disciplines in Israel, Spain and UK; CE approved, planning expansion to US and FDA application
- Deal with Israel's largest HMO for use in hundreds of procedures at top hospitals
- Initial revenue YTD ~$1.2M, projecting $5M in 2023, $15M 2024
- Up to $6.5M round led by OurCrowd
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Dear Josb,
Onsite 3D printing for surgical applications is set to revolutionize medicine, improving results for patients, and cutting costs for health providers.
Synergy Med Global (SynergyMed) will offer a range of products and services for pre-operative planning, and rapid or point-of-care 3D printing of medical devices including patient-specific instruments and customized implants. OurCrowd is investing in SynergyMed. The details in this email are based on information received from, and verified solely by, the company.
The Problem
3D printing and visualization has exploded in recent years. One area which can benefit greatly from expanding the use of 3D printing and visualization technology is healthcare. Surgeons in many fields could benefit from the use of 3D visualization for surgical pre-planning and custom-printed anatomical models, surgical tools, and implants to improve patient outcomes. However, medical 3D printing and visualization have not reached their potential. Medical 3D printing and visualization require significant multidisciplinary expertise, creating tremendous workflow difficulties, high inefficiency, and elevated costs for healthcare providers. The entire process must strictly adhere to medical device regulations set by the FDA and other official bodies, creating significant hurdles for the application of 3D printing technology in medical procedures.
The Solution
SynergyMed, a California-based startup that will be created on the completion of this funding round, offers a range of products and services for pre-operative planning, as well as rapid or point-of-care 3D printing of medical devices including patient-specific instruments, customized implants, and anatomical surgical models.
3DHub, SynergyMed's software platform, is a proprietary workflow automation and compliance software. The company has identified over a dozen unique use cases for personalized precision solutions to seek 510(k) clearance.
The Market
SynergyMed's initial market focus is orthopedic oncology, mainly surgical procedures to remove bone tumors. This is a market in which the company can provide clear value. In many cases 3D-printed, customized surgical tools can allow physicians to save patients' limbs from amputation. The company estimates that there are approximately 3,600 such procedures performed in the US per year.
Other markets the company addresses include deformity correction, tumor resection and reconstruction and a wide range of surgical procedures following complex trauma.
The total market where the company's platform can be applied amounts to more than 1.2M procedures each year in the US alone.
The Traction
SynergyMed reports initial revenue of ~$1.2M YTD 2022 and forecasts rapid growth to $5M in 2023 and $15M in 2024.
SynergyMed's platform is CE approved for use in Europe. To date, SynergyMed has assisted over 1,200 surgical procedures across 16 surgical disciplines in 25 hospitals in Israel, the UK, and Spain.
The company signed a deal with Israel's largest HMO to use the platform in hundreds of procedures each year at Israel's top hospitals.
The company has also worked with its physician customers to publish scientific papers on the benefits of using 3D printing in specific surgical applications, including a recent Journal of Orthopaedics study.
After successfully demonstrating the superior clinical outcomes of its technology and enabling physicians to use these technological innovations in the surgical setting at some of Israel's largest hospitals and HMOs including Ichilov, Hadassah, and Clalit, the company now plans to expand into the US, subject to FDA 510(k) clearance.
The Company
SynergyMed, a California-based startup that will be created on the completion of this funding round, will acquire all the assets and business of Synergy R.M. and Matrix 3D by way of an asset purchase. The company possesses a valuable and actionable catalog of over 1,000 cases across 16 surgical disciplines, which provides significant first mover advantage and a barrier to entry versus other companies focusing on the surgical 3D printing space.
The Team
The SynergyMed team has a strong track record, and has been working closely with hospitals for many years.
Lior Blik, CEO, was a CIO in three hospital systems for 12 years and founded NIT Health, acquired by a subsidiary of Matrix IT (TASE: MTRX), and is currently President of Matrix Global Service USA. Michael Librus, CTO, founded Synergy R.M., and has six years' experience designing, integrating, and selling 3D surgical solutions. Ashish Sanghrajka, CBO, was Co-founder and Managing Partner of BIO IB, a boutique healthcare investment bank, and most recently served as President and CFO at Scopus Biopharma Inc.(NASDAQ: SCPS), which he led to a $650M IPO. Dr. Solomon Dadia, CSO, is Head of the Surgical Innovation and 3D Printing Unit at the Tel Aviv Sourasky Medical Center.
The Round
OurCrowd is leading this up to $6.5M Seed round that will allow the company to launch in the US by building a US manufacturing facility, work towards FDA 510(k) clearances for its custom devices, and develop its software platform to enable scalability.
Meet the CEO
We're hosting a webinar/conference call on Wednesday, October 12th, at 7PM Israel / 12 Noon New York / 9AM San Francisco for investors to meet CEO Lior Blik and learn more about SynergyMed.
The SynergyMed Solution
SynergyMed has developed a complete solution to medical 3D visualization, pre-planning, and printing of patient specific anatomical models, patient specific instruments (PSI), and customized implants. SynergyMed's software platform, 3DHub, enables providers to go through all the steps required to achieve their medical 3D visualization, pre-planning, and printing needs in a way that is coordinated and compliant with strict regulatory requirements. 3DHub enables providers to deliver point-of-care 3D printing services with significant benefits to patients and physicians due to decreased procedure time, cost, and risk. SynergyMed's software provides administrators a single environment to manage this complex workflow and integrate all stakeholders including surgeons, radiologists, designers/engineers, quality assurance managers, production experts, and hospitals' logistics and archiving infrastructure.
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