Olympus Innovation Ventures backs endoscopy video and AI startup Virgo
Olympus 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: "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.
Matt Schwartz, Co-founder and CEO, Virgo: "Virgo is excited to have the support of Olympus, whose expertise in endoscopy makes this investment a natural fit. We will leverage this investment for our mission to improve patient outcomes and clinical workflows by developing automation and AI tools for endoscopy."
Nacho Abia, COO, Olympus: "Olympus, aiming to be a partner of choice for innovators, will continue to help its portfolio companies succeed. 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."