TORONTO, ON and NEW YORK, NY – Global growth equity firm General Atlantic reports it is making a strategic investment in Canadian medtech company Synaptive Medical.
With over 35 years of experience investing in 250 growth companies, General Atlantic partners with entrepreneurs and management teams around the world to help them accelerate their market growth.
“The healthcare industry is shifting toward an integrated delivery model that treats the whole patient from the diagnosis to surgery and beyond,” says Cameron Piron, president of Synaptive Medical, while adding that efficient medical imaging, combined with timely and effective care, is a critical driver of that change.
Founded in 2012 and headquartered in Toronto, Synaptive develops integrated technologies to solve challenges both in and beyond the operating room through deep collaboration with surgeons and hospitals. The company’s BrightMatter™ suite of products provide advanced visual and information tools that allow surgeons to focus on patient outcomes within a global healthcare industry.
“Synaptive is developing novel imaging solutions that will help improve clinical outcomes for patients in partnership with the people and institutions that care for them,” says Piron. “Partnering with an outstanding investor such as General Atlantic demonstrates our commitment to long-term growth.”
Synaptive’s partnership with General Atlantic is expected to help accelerate the commercialization of the company’s existing solutions across worldwide markets and help provide the foundation for significant investment in new research and product development.
The company’s surgical technology—which combines informatics, imaging, surgical planning, navigation and advanced optics—has been installed at top-ranked health care facilities across the U.S., including recent installations at Emory University Hospital, the Gates Vascular Institute, Grady Health, Indiana University Health Methodist Hospital and Mount Sinai.
Synaptive has successfully cleared its products for clinical use through the stringent review processes of the United States’ Food and Drug Administration (FDA) and Health Canada, beginning with BrightMatter Plan, its innovative surgical planning tool, which received approval in early 2014 and continuing with approval of the company’s more complex surgical navigation and visualization systems. In four years, Synaptive has introduced five Class-II and three Class-I medical devices in the U.S. and an equivalent number of products in Canada. Most recently, ImageDrive™, Synaptive’s flagship informatics platform, received FDA approval in early 2016.
Synaptive also pursues unique collaborations with its customers, such as its recent initiative with Henry Ford Health System to empower ONConnect, a virtual tumour board that aims to offer patients greater transparency in determining their brain tumor treatment options.
“We are excited to partner with Synaptive’s passionate team, whose commitment to innovation, engagement with surgeons, and passion for patient care, has built an incredibly unique suite of products,” said David Caluori, principal at General Atlantic, who will join Synaptive’s board of directors. “Synaptive’s vision for a better approach to surgery is highly disruptive and is expected to address pain points common to many surgical areas that we expect will enhance patient outcomes over time.”
Additionally, Alex Crisses, managing director at General Atlantic, who will join Synaptive’s board of directors as an observer.
The investment marks the first such investment by General Atlantic in the medical device sector.