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ExplORer Surgical announces financing

Chicago-based ExplORer Surgical announced April 18 that it raised a $5 million round in a deal led by Aphelion Capital and other undisclosed investors.

The cloud-based ExplORer Surgical software platform is an interactive surgical playbook to help manage surgical procedures and teams in the operating room through customized workflows.

The application is used by both hospitals for enhanced efficiency, and medical device companies that may be rolling out a new device, for example.

The platform uses real-time surgical procedure data acquisition to help surgical teams manage tasks, equipment, supplies, and safety guidelines during surgical procedures to improve efficiency and outcomes. The ExplORer Live mobile app is available from the Apple Store and Google Play on any web-enabled device.

“We’ve proven value in hospitals through an NSF SBIR study, in addition to an ongoing second research study at Indiana University. Now, in addition to further commercializing within hospitals, we are growing our use cases among medical device customers,” said CEO and co-founder Jennifer Fried in a press release. “We are fortunate to be supported by a strong, experienced investor base with confidence in our vision.”

Fried and Alexander Langerman, M.D. co-founded the company in 2014. Fried has worked as a healthcare venture capitalist and strategy consultant at Bain & Company, served as Vice President at Park Lane Ventures, and holds an M.B.A from the University of Chicago Booth School of Business. Dr. Langerman, Chief Medical Officer, is a head and neck surgeon at Vanderbilt University Medical Center. He earned his medical degree at the University of Chicago Pritzker School of Medicine.

“Since our initial investment, we have uncovered a true need for the ExplORer platform not only in hospitals, but within medical device companies as well. With so much budget allocated towards physician education, R&D and sales teams, it is critical for manufacturers to understand how their products are used in each of those settings,” said Ned Scheetz, managing partner of Aphelion Capital in a press release. “ExplORer supports all three of these functions, which speaks to the flexibility of their software, and we are excited to further develop our relationship with them.”

Aphelion Capital based in Mill Valley, CA, invests across all stages and therapeutic areas within healthcare.

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