Virgo Raises Series A Financing to Expand Its Clinical Trial Acceleration Network for Endoscopy
CARLSBAD, Calif., January 5, 2022 (Newswire.com) - Virgo Surgical Video Solutions, the leading cloud video and artificial intelligence platform for endoscopic medicine, announced the closing of its Series A financing — led by FCA Venture Partners and including participation from Tom Williams of Heron Rock Fund, who led Virgo's seed round — to scale its proprietary solutions for accelerating clinical trials. Virgo is widely regarded as the industry leader for capturing and managing endoscopic video data, and the company provides a unique set of tools, called VirgoTrials, which help healthcare providers leverage this data for clinical trial recruitment. Virgo is currently partnered with multiple leading pharmaceutical trial sponsors and is actively deployed across a wide range of academic medical centers, integrated health systems, and private practice networks. The company will use this financing to expand the VirgoTrials platform and further accelerate distribution in the United States and internationally.
In addition to accelerating clinical trials, Virgo enables gastroenterologists and pulmonologists to leverage endoscopy video for the advancement of patient care through new research and training initiatives. The Virgo platform provides seamless tools for multi-center research collaboration, video assessments, and the development and deployment of artificial intelligence solutions. Virgo is also a highly scalable solution, enabling health systems to rapidly deploy across multiple facilities with direct integrations to other electronic health record (EHR) systems.
"At Virgo, we are focused on helping our clinical and pharmaceutical partners take full advantage of endoscopy video data. Clinical trial recruitment is a massive challenge for pharmaceutical companies, which ultimately delays new treatment options from reaching patients. Virgo is already helping trial sites achieve significant increases in patient referrals and randomizations, and this impact will only grow as we continue to scale the Virgo network," said Ian Strug, Chief Customer Officer of Virgo.
This investment will allow Virgo to expand its platform into new geographies and also new use cases. "Our initial focus with VirgoTrials has been on accelerating patient recruitment for inflammatory bowel disease studies, where we are recognizing fantastic results. With this financing, we will replicate our success in other disease areas and build new solutions to help trial sponsors realize the benefits of decentralized clinical trials for the many diseases where endoscopy plays a critical role. We believe the Virgo platform and clinical trial network has the potential to dramatically shorten trials and help get new treatments into the hands of patients faster," said Matt Schwartz, CEO of Virgo.
"Across the board, we are witnessing a technology-driven transformation in the way pharmaceutical trials are conducted. There are a vast number of clinical trials — from IBD to colon cancer to lung diseases — where Virgo's endoscopy video infrastructure will help trial sponsors be more successful," said John Burch, co-Managing Partner of FCA Venture Partners, which led the investment round. "We are thrilled to partner with the Virgo team on their journey to build out a modern clinical trial network for endoscopy."
About Virgo Surgical Video Solutions:
Virgo Surgical Video Solutions provides the leading cloud video capture, management, and artificial intelligence analysis platform for endoscopic medicine. The Virgo platform is used by a range of academic, integrated, and private practice healthcare providers to advance patient care through video-based research and training initiatives. In 2021, Virgo launched a suite of tools, called VirgoTrials, which help pharmaceutical trial sponsors and their participating trial sites accelerate patient recruitment and shorten the overall enrollment period for trials. For more information, visit https://www.virgosvs.com.
About FCA Venture Partners:
FCA Venture Partners is a venture capital firm investing in early-stage healthcare technology and technology-enabled healthcare services companies that improve patient care, reduce costs, and increase efficiency. FCA brings portfolio companies valuable healthcare insights, connections, and board-level experience to accelerate growth and build disruptive and sustainable businesses. Based in Nashville, the epicenter of healthcare innovation, our team has a decades-long track record including more than 60 investments in the rapidly changing healthcare industry. For more information, visit https://www.fcavp.com.
CONTACT: Jake Hungarter, jake@virgosvs.com, (484) 896-0602
Source: Virgo Surgical Video Solutions
