Formus Labs raises $5 million to automate orthopedic surgery planning; Partners with Zimmer Biomet to Accelerate Global Launch

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Auckland, New Zealand, February 2, 2022 /PRNewswire/ — Formus Laboratoriesthe world’s first automated 3D planner for joint replacement surgeries, today announced that it has increased $5 million (USD) and the public launch of its orthopedic surgery planning solution that provides surgeons with unprecedented insight into the preoperative planning process. The investment was led by a venture capital firm GD1 (Global from day 1), with the participation of Punakaiki Fund, Icehouse Ventures, Pacific Channeland Flying kiwis. The company will use the funds to accelerate product development and expansion in the United States.

Formus Labs also announced its partnership with Zimmer Biometa global medical technology leader engaged in the co-development and commercialization of Formus Hip in Australia and New Zealandas well as studying international markets for global expansion.

Globally, one in five knee replacements is unsatisfactory and one in ten hip replacements require revision, which ends up costing the orthopedic industry $10 billion (USD) per year. Joint replacement surgery is extremely technical and each procedure is unique as each patient requires different sized and positioned parts. Additionally, the process of accurately diagnosing, sizing, and performing a joint replacement is currently fraught with time-consuming manual imaging processing, as well as other costs related to sterilization and shipping logistics. regarding the range of trays needed for each surgery.

The Formus platform ushers in the future of orthopedic planning by fully automating the joint replacement planning process. It uses artificial intelligence and biomechanics to produce fully interactive 3D models to determine size and orientation required before a patient enters the operating room. It also allows surgeons to work on cases remotely at any hospital in the world, dramatically reducing patient wait times, improving overall workflow, and ultimately creating better outcomes for surgeons. patients.

With Formus Labs, a surgeon can get automated and specific plans personalized for each patient. The software is capable of delivering plans within an hour and can be updated in real time, making same-day 3D planning a reality.

“Everyone knows someone who has had joint replacement surgery, but few know how complex, variable and expensive the process can be,” said Dr. Ju Zhang, founder and CEO of Formus Labs. “Our goal is to make orthopedic surgery as easy as possible by equipping surgeons with the latest cutting-edge technology so that every joint replacement has a Formus plan that reduces the need for revisions, inspires confidence and facilitates better patient outcomes, at lower cost.”

“We have been following Formus Labs for some time and from the first time we met Ju and the Formus team we were impressed with the passion and vision to modernize a part of the continuum of care that is still terribly underserved. We are very excited to support their essential mission in helping to provide cutting-edge, personalized, data-driven and globally scalable orthopedic care and look forward to the team achieving their goals,” said John Kelles, co-manager at GD1. “As value-added partners beyond the capital we have invested, GD1 will continue to work closely with Formus to refine its go-to-market strategy, assist with team expansion and identify potential partners. strategic and co-investors for the journey ahead.”

Formus Labs will officially launch the Hip product offering in Australia and New Zealand this month, which will be followed by a focused and strategic assessment of products in United States after expected FDA approval in mid-2022. The company is rapidly expanding its team, both in ANZ and the US, including strategic experts in computer-guided orthopedic surgery, engineering, sales and marketing roles. For more information visit, formuslabs.com/careers.

About Formus Labs
Formus Labs is the world’s first automated 3D planner for joint replacement surgeries. The Formus cloud platform unites surgeons with AI and computational biomechanics to deliver cutting-edge orthopedic software solutions. Founded within the world-renowned Auckland Institute of Bioengineering, Formus empowers surgeons to improve the lives of patients around the world. For more information, visit formuslabs.com.

About GD1
GD1 is an institutional-grade venture capital fund manager that backs ambitious global businesses with capital, operational expertise and an extensive network to help them scale on the global stage. We invest from seed to scale, with headquarters in New Zealand and global connections. Our goal is to help New Zealand founders and teams believe bigger in helping New Zealand dream, act and achieve on a global scale. GD1’s deep expertise in venture capital and real world operating knowledge has been gained through his experience in technology companies across EuropeSilicon Valley and New Zealand. This experience, along with ongoing relationships, ensures that founders and management teams are supported from day one. We dedicate our expertise, resources and networks to influencing change and creating global winners. For more information, visit gd1.vc.

SOURCE Formus Labs

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