An Australian virtual reality medical training technology is already making an impact in hospitals at home and abroad, but now Vantari is set to further roll out its international expansion thanks to a $7 million pre-Series A raise led by Co:Act Capital.
With dual headquarters in Sydney and Seattle, Vantari VR experienced 400 per cent revenue growth in FY23 securing major partnerships including with US-based global imaging certification leader Inteleos, Italian medical training innovator Nume Plus, and UAE-based healthcare products and clinical solutions provider Leader Healthcare.
In the past year the company has also reached multiple hospital and medical device partnerships in Michigan, New York and Boston.
Its 'flight simulator for healthcare' helps clinicians practice procedures safely in virtual reality before doing them on real patients. According to a study conducted by the University of Wollongong, Vantari VR's platform has been shown to decrease medical error by 40 per cent and improve performance by 32 per cent.
The study found the platform is already having a significant impact on training and education delivery for doctors, making it more accessible, engaging and scalable across metropolitan and regional centres.
In Australia, the technology has successfully been integrated into tertiary training hospitals including Royal Prince Alfred Hospital and Westmead Hospital in NSW, Fiona Stanley Hospital in WA and Latrobe Regional Hospital in Victoria.
The latest round was oversubscribed with backing from Acova Capital, Significant Early Venture Capital, Sirius Capital and other investors from the medical device and insurance ecosystem.
The funds will help Vantari to continue expanding across key areas in healthcare such as accreditation, procedural and device training, as well as further grow its evidence-based technology platform.
Dr Vijay Paul and Dr Nishanth Krishnananthan, co-CEOs who co-founded Vantari VR in 2017, say the company has plans to expand its impact across North America, while doubling the growth of its technology and operational team.
"The Pre Series A round marks a huge milestone for Vantari’s trajectory. With the support of trusted investors in the ecosystem, we can really fast-track our goals for the US market and help health care professionals access the platform across the North American region," says Dr Krishnananthan.
"These funding partners share our vision and passion to future-proof healthcare with VR and XR technology and have a significant patient impact, and we are really excited to work with them," adds Dr Paul.
Co:Act Capital principal Ash Lambert says Vantari VR aligns with several areas the venture capital fund is focused on, specifically technology that is changing how services are delivered in healthcare and education.
"We believe that technology will continue to be pivotal to the future of healthcare and can improve how we practise, diagnose, manage and cure," Lambert says.
"HealthTech is such an important area because it has the most direct link to improving the quality of people’s lives.
"It is also an area where Australia has a clear track-record of leading innovation, supported by our excellence in medical research and clinical trials, successful integration of public and private systems and a robust regulatory framework. Doctors like Nishanth and Vijay are innovating ways forward that improve patient outcomes and reduce risk, cost and time."
Acova Capital executive director Dr Michael Chan says Vantari VR has been on the adviser’s watchlist for more than two years, due to the impressive traction the company has made in development and commercialisation of its world-class VR medical training platform.
"New technologies, including digital health technologies, have the potential to disrupt the status quo in healthcare for positive impact and therefore have important roles to play in addressing some of the most significant challenges in healthcare globally," says Dr Chan.
"We believe that Vantari VR is now at an attractive inflexion point in scaling-up its product and commercial footprint internationally."
According to Mordor Intelligence, the virtual reality market is expected to grow from US$54.24 billion in 2023 to US$163.82 billion by 2028, representing a compound annual growth rate of more than 24 per cent throughout the five year period.
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