Richard Vincent Presents FundamentalVR at LSI Europe '23

The company is accelerating surgical capability for life science businesses via precision VR simulation.
Richard Vincent
Richard Vincent
Founder & CEO, FundamentalVR



Richard Vincent  0:05  
Great to be with you. As my colleague said, my name is Richard Vincent, I'm the CEO and co founder of FundamentalVR, a little bit of background on us as a business, we are eight years old. I've been working in the immersive tech space since the beginning. We have a big team worldwide, developing some of the solutions I'll talk about today, based primarily in the US and in Europe, and primarily in Europe, in the UK, we were voted by Frost and Sullivan as the leading company in virtual reality simulation in 2023. Our mission as a business is a really simple one. It's about improving human capacity, capability, sorry, not capacity capability, through precision simulation. And what I mean by that is putting people into an immersive environment where they have full contextual analysis, capability, full awareness of everything around them, giving them sight, sound, smell, and touch so that they can really feel the effects of interacting with a patient. I'll unpack that a little bit for you in a moment, the problem we solve is a universal one, every single person in this organization who's worked in a medical device or pharmaceutical business, will get it we just heard with with the last speaker in terms of the need for understanding capability, it's difficult to train skills, it's difficult to train surgical capability, whether it's the nursing staff, whether it's exit auxiliary staff, or whether it's the surgeon or the interventionist themselves. It's difficult, it's expensive, it takes a long time. That's where we come in, we virtualized that system, we create it into an immersive space that allows you to do it anywhere in the world, using both virtual reality, and the sense of touch with haptic technology. VR, it's proven. It's been proven over the last few years, over 90 studies have now been done looking at VR efficacy versus traditional training techniques, with massive improvements in knowledge acquisition. In addition to that, VR, plus haptics, looking at the upskill you get from adding the sense of touch is also proven, improving outcomes by about another 40% skills acquisition improves, it's quicker, it's more effective, the insight you understand from from the interactions is much, much deeper. It provides a great modality alongside traditional teaching and learning techniques, and importantly, is not pinned to any geography. So you can do it anywhere in the world at any point. VR is also proven against traditional simulations, which again, anyone in the room who's worked in med device will understand those are great simulators. They're fantastic. But VR will give you full immersion rather than a screen. So no distraction, it's easy to use and to set up, you can have it up and running within minutes. Within seconds. Often, it's really flexible in terms of its use cases, and where you can place it, one device can train multiple different modalities, multiple different procedures, all with one CAPEX expenditure is easy to transport, I can carry it onto a flight in a carry on case. And it's really cost effective at scale as a result of all of those factors. So the platform that we have fundamental VR, it's called fundamental surgery. I won't go through all the details on it. But the key things are these three elements here in the middle. Our system is made up of a standalone VR system, which is a standard, low cost consumer VR headset that allows you to immerse someone into a procedure into an environment and to learn the knowledge. The haptic VR system takes that upper step adds an introduces the sense of touch, which allows us to now do skills transfer to start to create true muscle memory, understanding the tissue tissue behavior, the interactions, and how those create good and bad outcomes are then both systems use what we call our Collaboration VR system, to allow us to put people together from anywhere in the world without travelling, simply seamlessly pop on a headset, and you're in the same room standing next to an expert standing next to your tutors. Giving them the instruction, giving them the understanding whether you're using that for commercialization or whether you're using it for preclinical it supports and it's been proven to work in all of those areas and all of this on a platform that's future proofed. Because it's hardware agnostic. It's future proofed, because it's content agnostic. You can bring your content with you and place it into this system. It has a robust educational framework and across everything that we do we have deep data insight because we understand where you're looking where you're how you're thinking, the the actions you're taking The movements, you're making the interaction with the patient, all those elements come into the system that you have here. So you understand behavior brilliantly. The Platform Scales from really simple to really complex. As our customers go on the journey of VR, they need that capability again, future proofing their investment. And the use cases are wide and varied as a few examples of them here from gene therapy in ophthalmology with Novartis through to robotics with CMR. Through to cardiovascular with the impella device with Abiomed, and into areas of neath injection technology with advi, around the use of Botox for anti spasticity, all of them training practitioners, training teams, training sales organizations to communicate, to show the benefits of the product initially. And then to understand the use of that product in the haptics system we have. This is an example of the system in use. This is a you may have seen this ad, it's been running globally, for meta, so I'll just let it go. Illustrating one of these cases for one of our partners,

Video Playing  6:11  
Dr. Renee bad ro completing a successful eye surgery, and the hundreds of hours of training in fundamental VR that helped make it happen, allowing her to practice surgical techniques to improve patient outcomes through immersive environments. These are the ways surgeons in partnership with Orbis international are using the metaverse today.

Richard Vincent  6:40  
Really high impact, obviously a meta advert, but a great example of the of the use case being used by Orbis across the world to train, how to do cataract procedures, particularly in third world locations. The ROI on this is fantastic, I'm going to let one of our customers talk about it from Teleflex.

Video Playing  7:03  
Really what we do is we look at how we were training providers and the learner before and also our internal teams. As Richard mentioned, this, this has a lot of application for, for onboarding new new representatives and new employees. So when you look at the cost and the amount of time it takes to get someone to a level where you feel comfortable that they are in front of a customer to deliver the information and deliver the training, all of that time is reducing. So we're, we're spending less money, getting them trained, and we're reducing the time to competency internally, so that they are getting out there into the field and helping the providers learn faster. And then on the provider side, they are learning faster for all those same reasons. So in the end is patients that are really benefiting from this because the most advanced techniques, the best options for patients with certain conditions are the surgeons and providers are getting trained better, they're getting trained faster, and, and the competency with which they are taking to the patient, those first few cases where they're really nervous is reducing because we're really building that that competence and competence earlier.

Richard Vincent  8:21  
So thank you to Mark for allowing us to play that today, here. So that's the platform today, in terms of where the platform is going and its capabilities. Key things really here is around true logic. So taking the logic of your devices of your navigation systems of your medical device of your robots and putting them into immersive space not simulating, running real time, logic, real flight time so that you can say practitioners are actually training on your system, not a simulation of your system. That's where the platform is moving to. And ultimately, this is all about accelerating the adoption of your products through better, more systematic, scalable training techniques using virtual virtual reality. And thank you for your attention. If you'd like to talk I'll be here all week. Thank you

LSI Europe ‘24 is filling fast. Secure your spot today to join Medtech and Healthtech leaders.

September 16-20, 2024 The Ritz-Carlton - Sintra, Portugal Register arrow