PeekMed, a Portuguese medtech company developing an AI-based pre-operative planning system for the orthopedic industry, has announced the close of a €3 million Series A investment round. The new investment was led by Grosvenor House of Investments and Portugal Ventures.
The new funding will allow PeekMed to continue its global expansion, especially in the European and North American markets. The company plans to increase its sales and marketing capacity to grow in these markets, but also to expand the product team to implement the roadmap. Proceeds will also focus on further development of 3D Artificial Intelligence planning and Deep Learning technologies.
Since 2015 the company has been developing a powerful system used by orthopedic surgeons around the world to plan their surgeries using 3D and Artificial Intelligence technology. The system allows the planning of a surgery and simulation of different outcomes and implant sizes in a matter of seconds. Therefore, when the “real” surgery occurs, it is an execution of what was planned.
PeekMed is already CE marked, ISO 13485:2016 approved and FDA 510(k) cleared.
João Pedro Ribeiro, CEO & Chairman of PeekMed, stated: “Since day 1 our vision has been to support surgeons, hospitals and implant manufacturers to better prepare and simulate surgeries, ultimately leading to cost reduction and better outcomes for the patient. Portugal Ventures believes in the same vision and has been supporting us since the beginning of this journey. With the product already developed and multiple contracts in place, now is the time to expand our market reach and our product’s capabilities. We are happy to have Grosvenor joining us and helping us at this stage to achieve the next milestone.”
Rui Ferreira, Vice President from Portugal Ventures, referred: “Portugal Ventures has worked alongside PeekMed since 2015, backing the company and its promising software development from its early stage. We are very pleased to see that the new round of investment in this project has been completed, giving the company the resources it needs to pursue its internationalization to key markets and which is already underway. The team, led by João Pedro Ribeiro, is now in a position to implement their strategy to become a leading solutions provider of orthopedic surgical planning tools worldwide.”
Duarte Costa, Founder & Managing Partner from Grosvenor, added: “We feel extremely pleased to join this amazing team. We believe PeekMed solutions allow substantial efficiency gains, translating into a more rational use of resources and a higher accuracy for orthopedic surgery, contributing to patients’ well-being. More than an investment we see this as a partnership, working with the company and co-investors for the project’s sustainable growth.”