Loan Funds Developer of Augmented Reality for Spinal Surgery
OnPoint Surgical, Inc., a Concord-Based Medical Technology Company, Expands Using Loan from MassDevelopment’s Emerging Technology Fund
November 14, 2024
Kelsey Schiller, 857-325-3477
kschiller@massdevelopment.com
Grace Connelly, OnPoint Surgical
grace.connelly@onpointsurgical.com
CONCORD, Mass. – MassDevelopment has provided a $4 million loan from its Emerging Technology Fund (ETF) to OnPoint Surgical, Inc., a medical technology company offering highly accurate and precise augmented reality (AR) display systems for orthopedic and
neurosurgical spinal procedures. The rapidly growing company will use loan proceeds to hire new employees, support working capital, and complete leasehold improvements at its facility at 555 Virginia Road in Concord.
“Innovative technology companies like OnPoint Surgical drive our economy forward by developing new solutions to tough problems, strengthening key industries, and creating jobs,” said Secretary of Economic Development Yvonne Hao, who serves as chair of MassDevelopment’s Board of Directors. “MassDevelopment’s Emerging Technology Fund exists as a resource to help these companies grow their operations here in Massachusetts.”
“This is a $4 million investment in a revolutionary technology that combines two of Massachusetts’ core strengths: life sciences and the innovation economy,” said MassDevelopment Deputy Director and Senior Executive Vice President Marcos Marrero. “MassDevelopment is pleased to help OnPoint Surgical strengthen its foothold in Massachusetts through the Emerging Technology Fund and we invite other growing technology companies seeking funding for expansions, working capital, or equipment purchases to learn how we can assist.”
“We are thrilled to welcome the expansion of OnPoint Surgical in Concord, through MassDevelopment’s Emerging Technology Fund,” said Concord Town Manager Kerry Lafleur. “We are excited to see growth in cutting edge industries in Concord and look forward to the positive impact this investment will have on our community.”
MassDevelopment’s ETF provides medium-term venture debt to early-stage, emerging technology companies. Since its creation in 2003, the ETF has helped cutting-edge companies grow and expand in the Commonwealth, creating jobs and strengthening the innovation economy. The ETF has closed 60 loans and guarantees totaling $105 million through August 31, 2024.
OnPoint Surgical is revolutionizing orthopedic and neurosurgical spinal procedures with an AR platform technology that superimposes virtual surgical guides and virtual spinal implants onto the surgeon’s visual field using high-resolution see-through optical head-mounted displays. The technology offers many unique clinical and intra-operative benefits including intuitive use, improved hand-eye coordination, and impressive accuracy with the potential for better clinical outcomes. OnPoint AR technology is a cost-effective alternative to the current robotic system and is also an enabler for the next generation of robotic platforms, using optics instead of or in conjunction with haptics. The OnPoint Surgical AR platform technology is applicable to hospitals and ambulatory surgery centers. OnPoint has launched its AR spine system into prime academic medical centers in the United States.
“OnPoint Surgical is revolutionizing spinal procedures with the OnPoint AR Spine System,” said OnPoint Surgical, Inc. CEO Philipp Lang. “The OnPoint AR Spine System offers unprecedented accuracy, with cadaver studies presented at the 2023 Congress of Neurological Surgeons showing its accuracy exceeding that of major existing navigation, robotic and augmented reality systems between 2 - 5x, with the differences being statistically highly significant across all comparisons. We are excited to work with MassDevelopment in helping us to expand this significant opportunity for our patients and surgeons in hospitals across the United States.”
MassDevelopment, the state’s development finance agency and land bank, works with businesses, nonprofits, banks, and communities to stimulate economic growth across the Commonwealth. During FY2024, MassDevelopment financed or managed 349 projects generating investment of more than $3.5 billion in the Massachusetts economy. These projects are estimated to create or support 22,426 jobs and build or preserve 1,754 housing units.