Caresyntax gears up to grow digital surgery platform

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A​​​​​​​$15 million investment from Swiss venture capital firm MTIP AG is tipped to accelerate the commercial growth and expansion of Caresyntax’s data-driven surgery platform. 

MTIP’s eighth investment in the company closed out Caresyntax’s Series C funding, which raised a total of $130 million from a large number of major international investors. 

Surgical procedures play a pivotal role in profitability and risk for global healthcare organisations. According to the Lancet Commission on Global Surgery, 30% of the global burden of disease is caused by conditions that can be treated by surgery or require the direct care of a surgeon. 

Each year, 4.2 million people around the world die within 30 days of surgery, and postoperative deaths account for 7.7% of all deaths globally. In the US, surgical procedures account for almost 50% of total hospital costs. The Lancet Commission on Global Surgery also found that surgical complications and adverse events can raise costs by 40%. 

In a bid to enhance surgical safety, mitigate risks and complications, raise quality and streamline operating room (OR) resources, Caresyntax co-founders Dennis Kogan and Bjoern von Siemens decided to harness artificial intelligence (AI) to build a bespoke surgical data and intelligence platform for the OR. 

“Real-time data from the OR can be leveraged to refine existing risk prediction models and pioneer new modalities. Data collection and transparency are pivotal catalysts for perioperative  value-based care,” explains Kogan, co-founder, chairman and CEO of Caresyntax.

Founded in 2013 in Berlin, Germany, Caresyntax specialises in optimising and securing surgical procedures. Previous software solutions were often fragmented, lacking data integration and advanced analytics. Caresyntax’s software engineers, data scientists and clinical experts have moved towards a more holistic and interconnected approach to create an open, vendor-neutral platform that can be integrated into various systems and devices to collect, track and analyse surgical procedures. 

“We have developed proprietary software and AI solutions to support workflows, as well as capture and analyse large volumes of data in operating rooms,” stated von Siemens. 

The platform integrates data from various sources (video, audio, images, medical devices and clinical data), collecting and analysing real-time data during procedures and then providing actionable insights to surgical teams, administrators and insurance companies. Notable collaborators in the platform’s development include the French insurer Relyens and the US insurer ProAssurance. 

Caresyntax’s data-driven platform aims to empower perioperative leaders and OR managers to extract insights from electronic health records, inventory, financial systems and video data, and leverage them to enhance scheduling practices, optimise throughput and identify areas where costs can be saved. 

According to Caresyntax, use of the software solution can result in a 39% increase in block utilisation and a 25% increase in billable minutes. Finally, hospitals using the Caresyntax platform have seen a 40% reduction in cases requiring surgical intervention outside of regular working hours. 

Through partnerships with European hospitals, Caresyntax’s risk management Software as a Service ensures safety and significant cost savings. “Efficiency improvements and reduced complication risks can save hospitals over $500 per case with our platform,” states von Siemens. 

Surgical site infections (SSI) represent up to 18% of all healthcare-associated infections, and Caresyntax’s data-driven surgery platform addresses common risk factors for SSI, identifying high-risk patients preoperatively. 

“Economic analysis reveals a staggering $55.52 million cost saving across the entire UK National Health Service (NHS) colorectal surgery patient population in one year,” adds von Siemens.  These arguments have convinced numerous hospitals. Caresyntax solutions are present in over 7,000 operating rooms, and are used by more than 40,000 surgical teams in over 3 million procedures per year worldwide, including in the US, Europe and Asia. 

The fresh injection of $15 million in capital from the health tech-focused investment fund MTIP AG further solidifies Caresyntax’s growth. Last year, the company’s revenue grew by more than 100%, and it anticipates a similar trajectory in 2024, driven by high demand for vendor-neutral surgery solutions says Kogan. 

Since it was established in 2013, Caresyntax has raised over $207 million in investment. Its latest strategic partnership, with San Francisco-based Rescale, was announced in January 2024 and involves expanding the collaboration to provide a scalable platform for AI-powered simulation and intelligence in surgery.