Richard Vincent, FundamentalVR - VR Simulation Medical Education Platform | LSI Europe '22

Transcription

Richard Vincent  0:08  

Good morning. Lovely to see you all here. Yeah, my name is Richard Vincent. I'm co founder and CEO of FundamentalVR going to tell you a little bit about the company and our platform fundamental surgery. For a dive into that the the innovation that we're seeing here at LSI is consistent. This is my third LSI. And it's been a fantastic opportunity to join each of them, see the different innovations that are coming through what they all have in common is a learning curve. Whether you're a surgeon, search tech, or similar, who've been operating for two years, or 25 years, when an innovation comes in, there's a learning curve and adoption curve. And getting through that is a challenge for all medical device companies and pharmaceutical companies as we get more into surgical implementation in pharma. And so that's really where we come in, we help to deal with that learning curve, lowering that learning curve through our technology, which is the intersection of virtual reality, and haptic capabilities to deliver true skills transfer. So let me tell you a little bit about it. First of all, our mission is all about that acceleration of human capability to get there faster, more effectively, to have precise simulation that allows us to deliver that. And the journey that we're on is really towards a simple mission, which I call pre human competence. So don't learn on me learn on a simulation of me, coming to the OR, fully, quite competent, capable, confident through the process of acquiring the skills in virtual reality, whether you're learning them for the first time as a resident or a fellow, or whether you're at the other end of your career, trying a new technique, whether that learning curve is 10 cases, or in some robotic systems, as many as 60 or 70 cases, find a more effective and safe place to rehearse and build that capability. And that competence. Pre human competence for us is not something that is going to happen overnight, but we're on the journey to to acquire and build that capability within the fundamental VR technology capability. So let me show a little bit about it. I've got a quick video here, it lasts for about a minute, let me just run that fingers crossed technology works. Quick introduction to to the platform, and you can see it in action in different modalities there. Let me tell you a little bit more about that. And a bit about the company first of all, so our customers, our medical device companies, pharmaceutical businesses and healthcare providers, we help them with that skills transfer learning curve challenge, and we've been in this business for about seven years. We are a SaaS based business. So we have a licensing model. We have about 100 and it's probably about 120 staff now across full time employees across Europe and the US. Really talented team of artists of programmers of haptic engineers who together are bringing together a unique product proposition and backed by some fantastic investors including from our most recent series B EQ T and edge and downing ventures really building out this this proposition and this platform, the platform itself, our product is really flexible. Because the use cases are very different. Whether you're in gross movement of orthopedics or in minute movements in ophthalmology, or urology or, or, or cardiovascular, you need to have a platform that can handle those different capabilities. And that's exactly what we've we've put together. It involves what I call haptic VR. So this is the immersion of virtual reality with the full kinesthetic haptics that allow us to simulate weight, resistance, flow pressure, so that you can learn the physical cues for those procedures and achieve that aspiration of pre human competence. It also incorporates standalone VR so these are the simple headsets that most of you will have seen the you know, the the quest type headset, simple one, a standalone piece can be fantastic for that procedural walkthrough. So great for sales teams, etc. But and can work in hand in hand with the haptic system. We're completely hardware agnostic. So we are a software play completely that is trying to work with the best available hardware on the market, so that we can future proof those simulations and the capabilities. irrespective of where the VR hardware develops over time. That's our job to protect that for the investments for our customers. And we build into all of our systems collaboration. So what that means is the ability to bring people together from different locations into virtual environments instantaneously through their VR headset so that they can learn together practice together collaborate together to achieve that skills transfer. It's a platform that we're really proud to say is both accredited and validated accredited by bodies such as the Royal College of Surgeons in England, the American Academy of Orthopedic Surgeons over in the US and validated through both studies in the NHS and NYU Langone, and highly scalable as a platform in over 30 countries already. The value proposition as I've talked about, really behind our platform is all about acceleration, accelerating that product adoption curve for medical device pharmaceutical companies, by reducing the cost not Moran not using consumables categoric wet labs, etc. By increasing speed to market by being able to penetrate faster into new locations, giving much more precision and insight around capability, increasing the scale through all of those elements and ultimately, delivering a better outcome for patients. And from some of the studies that we've been doing, and others have done, what we've shown is that VR versus traditional training techniques can deliver a massive upscale in the speed of knowledge acquisition somewhere in the region of two to 300%. particular study here 233%, this is learning the process and the procedure steps, when you add haptics to that you go up from that already significant improvement by another third 29% in this particular study, and this is accuracy that we're talking about here. So really, really compelling use cases and ROI around this. So talking about use cases, it's varied. From on the on this side, the right as you look at it, medical, pure medical education, so skills transfer, end users, surgeon search, Tech's etc. Nurses understanding the process of skills acquisition through to sales and marketing activities, showcasing products, allowing people to get near them particularly good for heavy capital equipment don't have to move it you can move it virtually, through to clinical trials supporting the human factors around clinical trials with a number of our customers and into R&D. We're again looking at the human factors around those devices and how they're used and how things operate within those virtual spaces before we land into a physical product itself. So lots of great use cases, all with one simple mission, which is about getting towards pre human competence, allowing efficient, effective understanding and capability and skills transfer within the operating and medical environment. Thank you very much.