Richard Vincent, FundamentalVR - Immersive VR Training Solutions | LSI USA '24

Richard Vincent  0:05  
I thank you for coming and learning a little bit about fundamental VR. I am Richard Vincent, as my colleague just said, and I'm the CEO and founder of the business. We have a platform called fundamental surgery, which I'll explain a little bit about how that works. So just a bit of background on the business we've been I've been at this now for nearly nine years. We could see, hence the name we could see back in the about nine years ago, the opportunity that immersive spatial technology could bring to the medical space, and we've been working at that application now for about nine years or so. We've deployed our platform, fundamental surgery, into about 30 countries. In fact, our customers have deployed it for us into those spaces. Our customers are people like you, medical device companies, pharmaceutical businesses, who have a common problem, which I'll talk about in a moment. We are working at the intersection of spatial technology and haptic technology, and we bring those two things together. We protect them the IP that we we've been generating around there. We have three families of patents issued already, and another seven being prosecuted at present. The team is a global team. We deliver and deploy on a global basis, primarily out of the US and the UK, about 130 individuals in total, and we are number one in the medical VR space. And that's obviously my opinion, but also the opinion of Frost and Sullivan, who, this year, sorry, last year, awarded us Company of the Year in the VR surgical space, and recently did a frost radar study looking at the key players in the market, rating us both on growth and innovation as the leader in that space. Our investors have supported us all the way through both VC our lead VC investor is EQT life sciences, as well as our strategic investors, including the Mayo Clinic. So one of the recurring themes that goes on and has been going on within this conference is, and has been for the last two or three years I've been here, has been the move towards digital surgery, and that's a big one in terms of image guided, in terms of robotics, in terms of the different elements that are going on within those surgical suites. And the key challenge with the move to digital surgery is really about the skills transfer. So I'm not talking about learning surgery for the first time I'm talking about tenured surgeons, their teams, their nursing, their tech who need to acquire new skills around the digital surgery space. The move towards digital surgery is being held back by competency at scale, because, quite simply, you guys, the med device companies in the room, the pharmaceutical business in the room, you have a learning curve. You need to get those organizations through. You know if, even if you've been practicing for the last 10 years, when the robot turns up, you need to go through a learning curve to acquire both a technical and a procedural knowledge about how you use that robot. And it takes time, and that's where fundamental VR comes in. We get into that space and virtualize it, removing that friction and helping to achieve what we call competency at scale, quite simply for our customers, medical device and pharmaceutical businesses, we are an acceleration multiplier. We increase the speed of velocity into market. We improve the transfer of skills and therefore advocacy for your product, for your application, for your procedure, and we quite often reduce the cost quite dramatically in the way that that comes together. And we do that in a number of different ways, and we do it across a multiple set of procedural areas and disciplines, whether that's anesthesiology, robotics, cardiovascular, nursing, all sorts of different areas that we are able to apply that capability. So I'm going to run this video. It lasts for about a minute that will just show you a little bit about how the platform works. We host and develop and deliver surgical VR training, that's where we've added what we call haptic technology, so that we can deliver the sense of touch, of resistance, of forced feedback, of weight, so that when you're working with a virtual patient and learning a new procedure, you can feel, see, and act in a way that's pretty close to real life, so you get the feeling of delicate tissue textures, the micro dexterity, so you feel like you're touching a patient. So you can start to build up that skills acquisition and that kind of muscle memory that's associated with these procedures. We're using this technology to accelerate knowledge, to accelerate. Accelerate skills acquisition and also to accelerate product adoption. Key point here is we're talking about human beings, real people. My business deals in virtual the end, impact is in human lives. We're addressing a really big, challenging space, the platform that is hardware agnostic, whether it's, as you saw, a number of different pieces of hardware there, we make no hardware. We're pure software, whether it's a meta quest headset, whether it's an apple vision Pro headset, whether it's a haptic glove or a grounded haptic device, our platform supports the key leading hardware in the in the market that allows us to achieve the skills transfer outcome that's appropriate for the particular use case that we have in place. We do that at scale. We're unique in our ability to do that at scale, talking about specific use cases for that just to illustrate that point, and I'm very happy to talk to anyone after after this in more detail, but some examples, so Novartis in the gene therapy space with luxturna, using our platform to achieve the pinpoint accuracy of a sub retinal injection to reactivate a photoreceptor within this space. Again, not first time learning. We're talking about highly experienced surgeons learning a new gene therapy technique that cures blindness within the cardiovascular space with Abiomed both in the placement of the impeller pump, so for the physician learning out how to do that, but also for the tech team and the nursing team in the management of the patient after the pump has gone in, a key inhibitor to the adoption of that product has been the post operative care that needs to to run there, whether it's within an ICU an or within a trauma environment, with Teleflex within the urology space, again, helping them with the adoption, both with their sales team understanding the procedure around their eurolift product, And then with their healthcare providers around the actual application and deployment of that particular product within that space, again, significant impact with ADV in the anesthesiology space, peeling back the patient anatomy to allow them to understand and feel the way that they are hitting different muscle groups As they treat spasticity using one of the ad free drugs, or with CMR, with their robotic system, where we are doing technical training that's massively reducing the time and the cost of the adoption of their versus robotic system by virtually bringing their users together into shared operative spaces. So all significant use cases and just a few examples. The key point is, this has real impact. It has impact on sales. It has impact on cost reducing cost. It has impact on confidence. So we're seeing examples here, not from validation studies. These are from real world where we're seeing 22% 23% 26% increase in sales of products supported by our platform, three times the amount of time that salespeople spending with their customers, the surgeons in the in their environments. Massive increase in confidence, massive reduction in cost, the reason that innovators within this space choose fundamental surgery and the fundamental VR platform is really these three things. It's built for the specialist surgery suite, that innovative space that's moving really fast. It delivers exactitude at scale, haptic fidelity for the sense of touch, for skills transfer, visual fidelity for situational awareness. And it's done in a way that allows you, as innovators in this space, to protect your IP, to manage the systems the way you want them to work, so they work for your business to deliver those sort of outcomes I talked about. I'm Richard Vinson. It's been delighted to tell you a little bit about the business, and if you'd like to talk anymore, I'll be available for the next couple of days. Thank you. Applause.