Convergence Medical, a Brisbane-based medical technology company, has closed its Series A funding round, securing AUD 5 million from global investors.
The funding, led by US-based Avicella Capital, will aid in the development and commercialisation of Convergence Medical’s arthroscopic surgical robot, VO1, while also facilitating the company’s planned expansion into the US market.
With this latest investment, Convergence Medical has reached a valuation exceeding AUD 30 million, the Brisbane Economic Development Agency said in a news release.
Designed to improve precision and ease the burden on surgeons, the VO1 robot is poised to revolutionise arthroscopic procedures, which treat over 50 million wrist, shoulder, spine, and knee injuries worldwide each year.
The technology aims to enhance operative dexterity and efficiency, promising better outcomes for both patients and surgeons.
The funding announcement follows the robot’s acceptance into the US Food and Drug Administration’s (FDA) Breakthrough Devices Program in December 2023.
This recognition, granted to fewer than 3 per cent of submissions, accelerates the regulatory approval process and brings the VO1 closer to market entry.
Dr Chris Jeffery, Convergence Medical’s founder and CEO, highlighted the significance of this funding round.
“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,” Dr Jeffery said.
“This funding enables us to accelerate our growth and bring our transformative technology to hospitals and surgeons around the globe.”
Dr Gennady Bratslavsky, co-founder and Partner of Avicella Capital, shared his enthusiasm for the partnership.
“We recognise the potential of Convergence Medical as they look to transform arthroscopic surgeries for physicians and patients globally. Under the leadership of Chris Jeffery, the company is a pioneer in MedTech innovation,” he said.
The funds will be used to scale production, forge global partnerships, and enhance research and development in preparation for the soft launch of the VO1 surgical robot.
BEDA CEO Anthony Ryan described the investment as a testament to the city’s growing prominence in medical technology.
“Brisbane’s MedTech sector is experiencing remarkable growth, unlocking incredible opportunities for innovation and investment,” Ryan said.
“We’re delighted to see Chris and the Convergence Medical team continue to grow and attract investment on their journey to commercialisation.”
