XR4ALL organized a webinar about the Investment Landscape in the European XR Healthcare Industry on November 12, 2019. The webinar included a presentation by Petri Rajahalme, Managing Director of Nordic XR Startups. If you couldn’t attend the session, watch the video; alternatively, below you will find a quick summary of the main findings.
With data acquired from Dealroom and enriched with LucidWeb’s own research, 748 XR startups and 451 investors were identified to be active in Europe between Q1 2015 and Q2 2019. Most of these startups are B2B companies located in the UK (134), Germany (99), Spain (64), France (61), or Sweden (47)¹.
Out of the 748 XR startups identified in the study, 107 startups belong to the XR medical sector. This category is also one of the most important verticals in the XR industry in terms of funding received. The scope of work of healthcare startups can be categorized as follows:
According to Petri Rajahalme, CEO of the Helsinki-based Nordic XR Startups, healthcare provides a unique opportunity for investors. Professionals can learn more efficiently, be more focused, and visualize data more realistically with the help of XR. This brings an added value for both specialists in the sector and patients.
One example of a very successful startup in this vertical is Psious, the Spanish VR platform for psychology and mental health, which received total funding of €10M from Q1 2015 to Q2 2019 and an average valuation of €32M according to the research conducted by XR4ALL.
Apart from the EU, investors such as Nordic XR Startups are particularly important when it comes to understanding the needs of the sector. Nordic XR Startups helps accelerate startups by providing investments of up to €100K per company and offering personalized mentorships. Some of the healthcare startups that they have invested in are:
- Osgenic a Finnish company whose aim is to make surgery safer for patients. They provide surgeons with the possibility of training more often through the combination of a VR headset and software that includes different medical scenarios in VR.
- Mimerse a Swedish VR platform with different modules to help people with mental healthcare. With extensive clinical trials, they have proved the efficacy of VR for the treatment of phobias or fears.
- FlowVR an Icelandic VR meditation firm that offers multisensory immersive experiences to boost positivity, creativity, and attention.
According to Petri Rajahalme, XR healthcare startups face many obstacles. Navigating the clinical organizational structures can be tricky due to the different actors involved in the decision-making process. Besides, startups need to sell hardware as well, because their software still depends on using a headset. Despite these issues, it is clear that the implementation of XR features in the healthcare industry will be a trend in the years ahead.
Stay tuned for our next webinar on 3D Tools, February 12, 2020. Register now and get access to valuable resources such as a complete map of funding sources for the EU XR industry. This includes more than 600 investors that have invested in the EU XR industry between Q1 2015 and Q2 2019. Become a member of XR4ALL today!
1 We acknowledge that this is only a sample and that there are startups and investors that are missing from the study.