Brisbane MedTech company Convergence Medical has secured AU$5 million from global investors, closing out its successful Series A funding round. 

US investor Avicella Capital has backed the company’s world-first arthroscopic surgical robot – named VO1 – which will support plans to commercialise the robot, expand into the US and disrupt the $6.1 billion global arthroscopic industry.

The funding milestone elevates the company to a valuation of over AU$30 million, setting the stage for significant expansion and innovation in the global healthcare sector. It also delivers a significant return on investment to angel, pre-seed and seed investors who have backed the company since its inception three years ago.

Arthroscopic surgery is used to treat over 50 million injured wrists, elbows, shoulders, spines, hips, knees and ankles each year globally. The V01 robot is designed to reduce the physical and cognitive burden on surgeons while enhancing operative precision and dexterity and is set to transform arthroscopic operations.

The funding follows the VO1’s acceptance into the US Food and Drug Administration’s (FDA) Breakthrough Devices Program in December 2023, expediting its path to market. Less than 3% of devices submitted to the FDA are accepted into this program. 

Convergence Medical founder and CEO Chris Jeffery, a medical doctor with an extensive history of orthopaedic innovation, and seasoned entrepreneur behind other notable MedTech ventures including Field Orthopaedics and Audeara, said the investment would help accelerate growth. 

“We’re thrilled to achieve this important milestone in our journey to commercialisation and excited to be working with Avicella Capital, who are seasoned investors with a great track record in the global MedTech industry,” said Dr Jeffery.

“This funding enables us to accelerate our growth and bring our transformative technology to hospitals and surgeons around the globe.

“Our mission is to create more efficient, effective solutions that support medical professionals and improve patient outcomes worldwide.”

Dr. Gennady Bratslavsky, co-founder and Partner of Avicella Capital is excited to partner with the Brisbane-based MedTech company.

“We recognise the potential of Convergence Medical as they look to transform arthroscopic surgeries for physicians and patients globally. Convergence Medical, under the leadership of Chris Jeffrey, is a pioneer in MedTech innovation,” said Dr. Bratslavsky.

The funding will be directed toward scaling production, expanding global partnerships, and advancing research and development efforts in preparation for the Company’s soon anticipated soft launch of the V01 World First Arthroscopic Surgical Robot.

With its headquarters in Brisbane, Convergence Medical is also committed to fostering local talent and solidifying the city’s reputation as a leader in medical technology.

Brisbane Economic Development Agency CEO Anthony Ryan said the investment reflected the opportunities in Brisbane’s MedTech industry.

“Brisbane’s MedTech sector is experiencing remarkable growth, unlocking incredible opportunities for innovation and investment,” Mr Ryan said.

“We’re delighted to see Chris and the Convergence Medical team continue to grow and attract investment on their journey to commercialisation.

“Brisbane has a proud history of pioneering world-firsts in health, driven by our exceptional talent and world-class health and research institutes.

“At BEDA, our mission is to foster a collaborative and supportive business community that empowers this momentum, ensuring Brisbane remains at the forefront of global health advancements.”