February 1, 2021
Cascadia Capital is pleased to announce that our client, Mimic Technologies Inc. (“Mimic”), a Seattle-based developer of virtual simulation solutions for robotic surgery, has been acquired by Surgical Science (OTCMKTS: SUSRF), a Swedish public company that is the leading supplier of virtual reality simulators for medical training.
Jeff Berkley, Mimic’s CEO and founder, started the company in 2001 during his PhD work at the University of Washington’s Human Interface Technology Laboratory. His vision was to provide new solutions that enable a realistic surgery simulation experience and he did this by developing a virtual reality and analytics platform coupled with hardware components. Dr. Berkley saw first-hand how doctors were reluctant to accept virtual surgery as a valid tool for medical training, given the lack of realism that technology provided at that time. There was an opportunity to build a company that could address some of the technological challenges necessary to overcome the doctors’ objections. As these solutions have evolved, surgical simulation has slowly gained the trust of the healthcare community globally.
Surgical Science is acquiring Mimic to expand its customer base within the robotic surgery segment, gain access to technology for data collection/advanced analytics and strengthen its footprint in the US market. These two organizations have long known each other and are highly complementary from a product and culture perspective. Post-acquisition, the group will have roughly 85 employees of which approximately 40 will be software developers.
“Discussions to combine efforts have been ongoing for a long time and I look forward to finally being able to work together,” says Jeff Berkley, CEO and Founder of Mimic. “I think there is great potential to transfer technology from Mimic to Surgical Science, primarily within data collection/analysis and the development of future AI applications. Conversely, many of Mimic’s current customers have expressed a need for advanced procedural simulation, where Surgical Science has a significant advantage.”
“Dr. Berkley and Mimic have been friends of Cascadia for many years,” added Kevin Cable, Cascadia Managing Director. “We’ve been patiently waiting for the most compelling transaction for Mimic and believe Surgical Science represents an unparalleled strategic fit. We see great potential in the combined businesses.”
The acquisition represents another successful transaction for Cascadia in the healthcare, robotics and artificial intelligence space.
For more information about this transaction, please contact the Cascadia Capital deal team: