Nissan Elimelech, Founder, Augmedics: How I Built the World's First XR Surgical Navigation Company and What's Next for XR
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Presentation by Nissan Elimelech, Founder, Augmedics: How I Built the World's First XR Surgical Navigation Company and What's Next for XR. Covers the company founding across multiple milestones and key success factors.
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Nissan Elimelech, Founder, Augmedics: How I Built the World's First XR Surgical Navigation Company and What's Next for XR
- 1. How I Built The World’s First XR Surgical Navigation Company, and what’s next for XR? Image courtesy of Augmedics Nissan Elimelech Founder, Augmedics April 30, 2023
- 2. The system
- 3. Augmedics overview The Company 2014 founded HQ Chicago R&D Israel ~100 headcount The Technology FDA 510(k) cleared 2019, 2021, 2022 +3,00 0 cases…& counting! Financing +$63 M Last round $36M Series C, 1Q21 $ Total raised
- 4. My background 2001-2005 B.Sc. Biomedical Eng. 2008-2012 Medical equipment rep 2013-2014 MBA 2012-2014 Spine surgery rep 2014-2022 Founder & CEO
- 5. 2 May 2023 *Augmedics Confidential* 5 Current Surgical Navigation systems Low adoption rate Only 15% of spine surgeons have/use conventional navigation Roger Härtl et al., Worldwide Survey on the Use of Navigation in Spine Surgery, World Neurosurg. (2013) 79, 1:162-172.
- 6. X-ray vision
- 7. My Vision
- 8. 2014 Technion’s BizTEC Competition
- 9. 2015-2017 – TerraLab Incubator
- 11. More Prototypes…
- 13. 2016 - First Cadaver Lab, Baltimore
- 14. Series A fundraising... Product-Market Fit?
- 15. Davos 2016… Product-Market Fit?
- 16. 2017 - $8.4M Series A closed!
- 17. Cadaver trials in Baltimore
- 18. TechCrunch Disrupt SF finals
- 20. August 2018: First In Human! (Wired)
- 21. Wireless Headset is working! Mid-2018
- 22. Multiple Labs with Wireless xvision
- 23. First NASS show, Los Angeles 2018
- 24. AANS, Apr. 2019. CCO Tim Joined
- 25. Aug. 2019, Chicago: First sales training
- 26. Sep. 2019, Chicago, NASS
- 27. FDA Preparations
- 28. December 2019 – FDA 510K cleared!
- 29. Getting ready to launch, Mar. 2020
- 30. Closed $20M Series B from the Maldives
- 31. Jun. 2020: World’s First surgery at Johns Hopkins
- 32. Customer's relation – most important!
- 33. First 18 months: 40+ hospitals, 1,000+ surgeries
- 34. So, did the drive the needle? Our AR technology is driving adoption of surgical navigation! YES!
- 35. Mar. 2021 – Closing $36M Series C
- 36. 2021, Company headcount = ~100!
- 37. Jan. 2022 - New site in Israel
- 38. Jan. 2022: Augmedics’ new chapter
- 39. Aug. 2022: Temporary retirement…
- 40. The End And that was my story. Thank you for listening!
Editor's Notes
- Modified red text… Mabe formulate along: Gen 1- Surgical Navigation has significant limitations: 1) Two dimensional 2) IR Camera location limits line of sight 3)Navigation information presented non intuitive location away from surgical site 3) Two surgeon procedures made very difficult 4)… We need 4 crisp bullets about the weakness of competitive navigation….
- I wanna talk about X-ray. vision. and I mean real X-ray. vision. - when you can look straight through walls, or even inside a human body:
- Many KPI. Depends on the strategy of the company. What you want to achieve? Funding? Exit? IPO? Profitability? It was my first experience, but I had good team supporting me. Experienced CFO and most professional board I could dream of. We tweaked and dialed it multiple times until we got the results we wanted. It takes time, at least 2-3 years.
- Trying to get new accounts as just started. Sold a system to hospital with no surgeon. They wanted to attract good spine surgeons with our COOL technology. The more users we had, the lower average surgeries / month / user. Utilization was most important. We had to sell POLITICAL headsets. Everyone wanted to use this technology, but it damaged our metrics of utilization. We started with high price on capital and low on disposable. Than switched to high disposables and low capital, even lowners and “trial” program. Revenue growth was the most important thing. Growing 50%-100% a year is a must. It comes on expense of profitability. Very few startups have targets to be profitable. Initially we wanted to increase case coverage rate, but churn was high. We changed to give best clinical support and increase avg. utilization (less case coverage per rep) with the cost of increased costs and reduced profitability.
- The key to successfully introduce new technology is to be with customers. Unfiltered feedback, constant improvements, being their friends.
- Remember why I started Augmedics – to increase adoption rate of surgical Navigation