FundamentalVR | Richard Vincent, Founder & CEO
Transcription,
Good morning, everyone. My name is Richard Vincent, and I'm the co founder and CEO of Fundamental VR. And I'm gonna tell you a little bit about our business today, we seem to be in a flow of simulation VR, non VR simulation. So I'll try not to restate some of the things that have been said, already. And before we get into it, a little bit of background on me, for the last 30 years, I've been in technology, looking at how technology can be positively disruptive on different marketplaces. And so when I looked at virtual reality, about eight, nine years ago, I could really see the power that that could deliver into different spaces. But it was only when I started to talk to colleagues and friends within the medical sector, could I see the fundamental change that that technology could make to this market, hence the name. So Fundamental VR is all about using the virtual reality, capabilities to accelerate an AR platform is called fundamental surgery. What we're all about, as I said, is about accelerating and flattening the learning curve. Anyone in the in the room or listening to this online will know if they're in the life science industry, that how fast you get someone to proficiency is key, you heard it in a lot with the last speaker and the one before, we're all about moving that dial faster, improving the unit economics, and improving the scale of the acceleration of the learning curve. And the way we do that, is using the platform fundamental surgery, it combines a number of things, which I'll unpack for you a little bit over the next couple of minutes. But it's virtual reality, as you just heard the last speaker talk about it's also virtual reality with haptics so haptic VR, the full sense of feedback, pressure, resistance and flow. It's a platform that's completely hardware agnostic in any new technology arena. In the early stages, you get a lot of different technology and as an investor into that, and as a user of that, you need to know that whatever you do is is is future proofed. And being hardware agnostic allows us to say that to our customers, whatever your investment is made today, in our software platform, the hardware that comes tomorrow, we'll be able to work with it. So as it gets better. So to does your experience, integration is a key part of our platform as well. So that could be as simple as a single user login that aligns with your existing training platform, it might be LMS integration, or something else. But making sure that this thing doesn't stand alone, but rather becomes part of the fabric of your training, medical education and go to market strategy is a key part of our platform approach. And the final point is really at the center of our system is collaboration, allowing people to come together to learn as a unit, irrespective of where they are. So let me let me unpack that a little bit more for you. Starting with standalone headsets, you'll see the one that's here, this is an Oculus quest, it could be a Pico, it could be a HTC Vive, it doesn't matter to us. As I said, completely hardware agnostic. What this is great as, as you've already heard it, it's great at scale, it's great at being low cost, it's great it allowing procedural rehearsal, allowing people to go through the steps of a process and understand what comes next and get proficient and confident in that capability to see how things fit together to see and work together with their colleagues in working through the process and the steps of a procedure. And as we all know, there can be many dozens, maybe hundreds of steps. So learning that's really effective. But there is a point at which this tops out. And that's when it comes to learning the skill. Because the skill needs another dimension to it not just the situational awareness that you see here, not just the presence and the process that you go through, but also the sense of touch. And so that's where our haptic VR system within the platform comes to play. So standard VR, brilliant for certain uses haptic VR, great for that next step up. So it's kind of the enhanced version of the experience still delivers great scale still compared to traditional simulation techniques, and approaches a fraction of the cost. It allows for us to give a precision skills transfer to do submillimetre involvement with a virtual patient that's in front of me but only in in my headset. It allows us to build competence to the point where we now have customers within the life science industry, who are now giving up wet labs in favor of our system. Because we're able to give a precise set of insight that allows them to get their users often. And more often than not, not first time users, but very experienced surgeons who are learning a new technique or a new approach. It allows them to get there faster, using the haptic VR system, and all of it with precision measurement, movement decisions, interaction, hand movements, the approaches all of those measured in real time, so that you can go into areas not just with steps, but actually into that whole skills development piece. And you'll see an example here, this is in, obviously the ophthalmology space, we're able to go into a submillimeter level of precision of training and simulation all on a system that is completely hardware agnostic and travels in a flight case. Whether you use the standard VR system on our platform, or the haptic VR system, in our platform, both combine to have collaboration within them. And the example here is obviously within an operating room. But it could be any sort of environment. And you can see here a training environment, with many dozens of people coming together to share their experience share their knowledge. It's intuitive, it's natural, it's frictionless to enter into the spaces simply by popping a headset on. It allows you to do team training with a whole surgical team. It allows you to bring content in from a live or so that you can have it have involvement with that, even to relay back to that or to annotate onto those screens and to share and train together as you work through whatever the particular use cases can be great for supporting with the medical sales reps as well as obviously residence training and similar fits with the schedules of your end users. They don't want to travel now for a day or two to do a one or two hour, one or two attempts at a categoric session, they can now do that, at the end of their day, the beginning of the day as they wish. So those are really the three key pillars of the fundamental surgery Platform, Standard VR, enhanced VR, what we call haptic VR, and collaboration. And the three of those together allow us to deliver, excuse me, a range of Sim simulation interaction. So whether you're fully immersed with a very light touch cutaneous haptic, on the on the right hand side of the charts, you're seeing here, using a standalone headset, right through to the full precision of a haptic VR system. On the left hand side, which is moving into laparoscopic or inter interventional where you need to get that finger fingerprint or sensors onto the end of your fingers. We can we can provide that that false feedback that comes through that side. And we are the only platform at scale that's able to deliver that full range of capability. So the question obviously, in previous speakers talked about this as well is does it work? Well, there's been a number of published studies, if you've recently heard about the looked at VR versus traditional, and the range of improvement in understanding and confidence is significant compared to traditional approach is anywhere between 70 and 230 300% improvement, which is phenomenal, compared to traditional. When you think about the haptic interaction, what that does is it adds another third 30 to 40%. On top of that, this is accuracy. And these are from studies that we've been running with the NHS in the UK with NYU Langone in New York, amongst others, where we're seeing a third improvement in the accuracy of the surgical interaction because of that haptics system that's in place. So a system that has a full range of capabilities from standalone, simple VR through to enhanced VR with collaboration inside it, that accelerates and flattens the learning curve. I hope that was of interest and thank you very much for your time.
