nView medical, a USTAR supported company, closes $1.2 million funding round
nView medical, a Utah surgical imaging company, recently raised $1.2 million in seed financing.
The funding round was led by Fusion Fund with the participation of angel investors and matching funds from the National Science Foundation and the State of Utah.
The company has been supported by the Utah Science Technology and Research Initiative (USTAR) through a Technology Acceleration Program (TAP) grant and the USTAR SBIR Center.
“This funding will allow us to go through regulatory clearances,” said Cristian Atria, founder and CEO of nView medical. “And that’s a necessary step for us to commercialize our product.”
The company is developing a real-time 3D imaging system that will make common surgical procedures faster and more accurate. An example is spinal implants. There are over 30,000 spinal implant revision surgeries within 30 days of the first operation in the United States, costing more than $1 billion each year.
nView’s technology decreases the likelihood of repeat surgeries by providing real-time 3D visualization during surgery. Through artificial intelligence, model based imaging, and machine learning, nView’s imaging system increases accuracy and shortens surgical times.
With this recent round of seed funding, the company can begin the necessary regulatory clearances to bring the product to market, and hire new staff. According to Atria, the company plans to hire four more full-time employees in the coming months.
“It’s allowing us to hire management and also engineers that will help us refine the product,” said Atria.
As nView medical celebrates a successful funding round, Atria emphasized that state support through USTAR and other government programs was essential for making the company attractive to private sector investors.
“If you take a look at a company like ours, we’re really based on deep technology. It’s very science based, so it takes a while for technologies like ours to be ready for commercialization,” said Atria. “State funding really helps us because we’re not ready for venture capital early on. Programs like USTAR or federal funding work because they are de-risking investments.”
nView medical has worked closely with USTAR since the company was founded in 2013. The company received a USTAR Technology Acceleration Program (TAP) grant and is a client of the USTAR SBIR Center. The company received Phase I and II SBIR grants from the National Science Foundation, and the National Institutes of Health, with assistance from the USTAR SBIR Center.
“Every grant application that we do we always work with USTAR. They review our application and give us feedback. That way we increase our chances to get funded,” said Atria, who noted that working with the USTAR SBIR Center significantly increases a company’s chance at winning SBIR funding.
With this latest round of seed funding in hand, nView medical is poised to further accelerate the commercialization of the technology and expand the company.
“Obviously, it’s a great moment for us right now since we just closed a seed fund. We’re very optimistic about the future,” said Atria. “We really wouldn’t have been able to start this venture without the support of the State through USTAR. We look forward to continue collaborating with USTAR.”< Back to All Articles