Avail Medsystems, the US-based medical collaboration system developer backed by internet group Baidu, has received $15m in series A-1 funding, the Wall Street Journal has reported.
Founded in 2018, Avail has created a system called the Avail Network which combines portable electronic consoles with telemedicine software, allowing experts to collaborate on medical procedures remotely.
Avail Network’s remote viewing structure allows remote viewers to simultaneously view procedure footage in near high definition quality with external imaging in real time, freeze video, zoom in when necessary and annotate live video or still images.
The technology was developed to solve existing issues but its potential has theoretically been increased by the Covid-19 pandemic which requires an uptick in intensive care in addition to social distancing.
Daniel Hawkins, chief executive of Avail, told WSJ: “While Avail’s product is designed to solve a longstanding logistical problem for medtech companies, interest in the technology has soared recently because of the new virus.”
Baidu Ventures, Baidu’s early-stage investment vehicle, is listed as an investor on Avail’s website, together with investment manager Coatue Management and venture capital firms Lux Capital, Sonder Capital, Playground Global and Refactor Capital.
The company had raised $13.7m for the new round as of January this year, according to a regulatory filing, having previously secured $12.7m in equity financing in May 2018, according to a separate filing.
