Olympus Innovation Ventures Backs Endoscopy Video and AI Company, Virgo Surgical Video Solutions
Olympus makes its first investment through new corporate venture fund
CENTER VALLEY, Pa., July 27, 2022 /PRNewswire/ -- Olympus today announced that the company's venture capital fund, Olympus Innovation Ventures, completed its first investment, participating in the Series A financing of Virgo Surgical Video Solutions ("Virgo") of Carlsbad, California. The Olympus corporate venture capital fund makes investments in emerging digital, device, and diagnostic companies in minimally invasive detection and treatment of disease in gastroenterology, urology, respiratory care and other clinical areas.
Townsend Goddard, Senior Vice President, Global Head, Business Development of Olympus, noted, "The pace of innovation in endoscopy is accelerating rapidly, with companies like Virgo contributing to advancements in artificial intelligence and machine learning that are designed to assist physicians in delivering optimal patient care. As a global leader in medical technology, Olympus is focused on startups, like Virgo, with innovative technologies to improve clinical outcomes, reduce healthcare costs and enhance the quality of life for patients."
Gastroenterologists use the Virgo platform powered by AI, in part to record endoscopic procedures without interrupting clinical workflows. Virgo also leverages endoscopy video data and AI to identify patient candidates for inflammatory bowel disease clinical trials.
"Virgo is excited to have the support of Olympus, whose expertise in endoscopy makes this investment a natural fit," said Matt Schwartz, Virgo co-founder, and Chief Executive Officer. "We will leverage ths investment for our mission to improve patient outcomes and clinical workflows by developing automation and AI tools for endoscopy."
"Olympus, aiming to be a partner of choice for innovators, will continue to help its portfolio companies succeed," said Nacho Abia, Chief Operating Officer of Olympus. "We will do this by contributing clinical and technical expertise, along with insights on strategies for launching and scaling innovative solutions in the global market."
Olympus is passionate about creating customer-driven solutions for the medical industry. For more than 100 years, Olympus has focused on making people's lives healthier, safer and more fulfilling by helping to detect, prevent, and treat disease; furthering scientific research; and ensuring public safety.
As a leading medical technology company, Olympus uses innovative capabilities in medical technology, therapeutic intervention, and precision manufacturing to help healthcare professionals deliver diagnostic, therapeutic, and minimally invasive procedures to improve clinical outcomes, reduce overall costs, and enhance the quality of life for patients and their safety. Olympus' Medical portfolio includes endoscopes, laparoscopes, and video imaging systems, as well as surgical energy devices, system integration solutions, medical services, and a wide range of endotherapy instruments for endoscopic and therapeutic applications. For more information, visit olympus-global.com .
Virgo Surgical Video Solutions provides the leading cloud video capture, management, and artificial intelligence analysis platform for endoscopic medicine. Academic, integrated, and private practice healthcare providers use the Virgo platform to advance patient care through video-based research and training initiatives. Since launching, Virgo has helped physicians capture over 400,000 endoscopy procedures using industry-leading HIPAA, HITRUST, and SOC 2 compliant cloud service providers. Virgo also supports integration with all leading electronic health records systems.
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 virgosvs.com .
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SOURCE Olympus Corporation