Imaging-guided surgery startup Method AI raises $20M in Series A financing
Method AI, a Boston-based startup focused on imaging-guided surgery solutions, has raised $20 million in new funding.
A private family office led the Series A financing round with participation from JobsOhio and the Cleveland Clinic. Founded in 2021 as a spinoff of the latter, Method AI’s platform leverages continuous 3D ultrasound and AI-generated surgical plans to guide robotic-assisted procedures.
Leaders said the money will fuel further development of the product, which has not yet earned clearance from the U.S. Food and Drug Administration.
“With the support of our investment partners, our technology can make the difference between completely removing a tumor or leaving part of it behind, which significantly impacts long-term patient outcomes,” CEO Doug Teany—an engineer and robotics expert who co-founded the company alongside urologist Jihad Kaouk, MD—said in a statement Aug. 21.
Method AI said its technology allows physicians to visualize anatomy lying deep below the surface of an organ. It hopes to eventually create a “first of its kind” 3D subsurface map for physicians while providing them with real-time guidance against an AI-created surgical plan. Kaouk and colleagues noted that up to 40% of surgeries fail to fully remove cancer. Method AI hopes to help significantly improve the cancer-free survival rate, with the potential to cut over $1 billion in annual healthcare costs.
Marty Stempniak has covered healthcare since 2012, with his byline appearing in the American Hospital Association's member magazine, Modern Healthcare and McKnight's. Prior to that, he wrote about village government and local business for his hometown newspaper in Oak Park, Illinois. He won a Peter Lisagor and Gold EXCEL awards in 2017 for his coverage of the opioid epidemic.