Synaptive raises $25 million to fuel R&D
December 18, 2019
TORONTO – Synaptive Medical, a leader in automation and robotics, announced that it has completed the first round of a new preferred equity investment, totaling $25 million (US). The investment was led by Linamar Corporation, which also entered into a manufacturing agreement with Synaptive, and Audible Capital Corp., an existing investor.
A mix of both existing and new investors also participated in this round, and as part of the closing approximately $50 million of Synaptive’s debt converted into equity.
This funding will enable Synaptive to further expand the availability of its suite of fully automated and integrated hardware and software products that enhance healthcare providers’ capabilities in diagnostic imaging, as well as surgical planning, navigation and visualization in the neurological and orthopedic spaces. Synaptive’s products have been uniquely designed to optimize workflow and enhance medical decision-making to improve patient outcomes.
Synaptive has also been developing a dedicated head MRI scanner, called Evry.
The QEII Hospital in Halifax will be one of the first adopters to use the dedicated head-only MRI system as part of a four-year study in partnership with the Nova Scotia Health Authority (NSHA).
The purpose of Synaptive’s Evry is specifically for imaging patients in situations that require immediate decision making, such as with acute stroke. The system comprises a superconducting magnet, powerful gradients and a custom head coil allowing it to be sited in areas previously inaccessible to MRI system installation – for example, directly within emergency departments, ICUs and other areas in the hospital where imaging of patients earlier in their care cycle is critical to their outcomes.
Cameron Piron (pictured), president and co-founder of Synaptive Medical, said, “This investment round is a testament to the continued confidence our investors have in Synaptive’s mission in providing state-of-the-art products that enable surgeons and healthcare professionals to provide safer, patient-specific care.”
He added, “Today, millions of patients, each with their own unique neuroanatomy, undergo highly delicate cranial or spinal procedures for neurological disorders or injuries each year. With this financing, we are committed to broadening the availability of our product offering to further enhance patient care in these critical care settings.”
Synaptive currently offers seven primary products, which enable enhanced surgical planning, visualization both before and during surgery, efficient management of information during the clinical workflow and research tools focused on large scale medical imaging and medical informatics AI research.
Synaptive’s products are modular and designed for seamless integration both within the Synaptive suite and with other products, so hospitals may purchase Synaptive offerings either individually or together, to best suit their needs.
Linamar has entered into a manufacturing agreement with Synaptive Medical, with Peter Wehrly, chairman of Synaptive’s board of directors, adding, “Linamar’s participation as a manufacturing partner and lead investor in our latest financing round demonstrates their commitment to building a better medical device market in Canada and addressing healthcare needs globally.”
In connection with the preferred share financing, Linda Hasenfratz, Linamar’s chief executive officer, has joined Synaptive’s Board of Directors; and Brad White as a representative for Audible.
About Synaptive Medical
Synaptive Medical Inc., a Toronto-based medical device and technology company, designs hardware and software technologies that cross traditional barriers in hospitals and improve patient care in and beyond the operating room. Synaptive’s Modus V™ and integrated BrightMatter™ solutions – including surgical planning, navigation and visualization, and an informatics platform – give leading clinicians and healthcare systems the information they need to ensure the best possible outcomes for patients.