Activ Surgical Valuation, Funding & Investors
Activ Surgical is valued at $225M as of March 2022.
Last Activ Surgical valuation
$225M
Series B · Mar 2022
Last Activ Surgical funding round
$15M
Series B · Mar 2022
Cumulative funding Activ Surgical raised
$100M
across 6 funding rounds
Key investors in Activ Surgical
Rising Tide
Tao Capital Partners
Cota Capital
GreatPoint Ventures
LRVHealth
DNS Capital
About Activ Surgical
Activ Surgical is a Boston-headquartered digital surgery company developing intelligent surgical platforms powered by computer vision, AI, analytics, and machine learning. Its flagship ActivSight imaging system provides real-time visual feedback during procedures, enhancing tissue identification and perfusion assessment to reduce complications. The scalable software integrates with existing laparoscopic tools used in minimally invasive surgeries, supporting specialties like gynecology and general surgery across hospitals in the United States and Europe.
Founded
2017
HQ
Boston, MAWebsite
Status
Privately held
Customer focus
B2B
Revenue model
Product sales, Subscription
Valuation
$225M (Mar 2022)
Activ Surgical Valuation
Activ Surgical is currently valued at $225M, based on its Series B in March 2022.
The $15M round was led by Hikma Ventures, with participation from Tao Capital Partners, ATEL Growth Capital, LRVHealth, Magnetar Capital, Alumni Ventures and 5 other investors.
Activ Surgical's valuation has moved from $300M at its Series A in October 2019 to $225M in March 2022, across 2 priced rounds.
Activ Surgical valuation by funding round
| Date | Stage | Valuation |
|---|---|---|
| Mar 2022 | Series B | $225M |
| Oct 2019 | Series A | $300M |
Activ Surgical Funding History
Activ Surgical has raised a total of $100M across 6 funding rounds.
Activ Surgical's first fundraising round was a $2M seed round in July 2017. The most recent completed round was a $15M Series B in March 2022.
Activ Surgical funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Mar 2022 | Series B | Hikma Ventures (lead); Tao Capital Partners; ATEL Growth Capital; LRVHealth; Magnetar Capital; Alumni Ventures; BAM Elevate; Cota Capital; Rising Tide; Mint Venture Partners; Ronovo Surgical | $15M | $225M | Activ Surgical develops a digital surgery platform including ActivEdge™ surgical intelligence and ActivSight™ Intelligent Light to enhance intraoperative decision-making with AI and AR, reducing surgical errors and improving patient outcomes. The company focuses on making advanced surgery safe, smart, and accessible globally. On March 22, 2022, Hikma Ventures led a $15 million Series B extension for Activ Surgical, bringing the total Series B to $60 million. Investors included Alumni Ventures, ATEL Growth Capital, BAM Elevate, Cota Capital, LRVHealth, Magnetar Capital, Mint Venture Partners, Rising Tide, Ronovo Surgical, and Tao Capital Partners, along with existing backers like DNS Capital, GreatPoint Ventures, ARTIS Ventures, NVIDIA, SONY Innovation Fund, and others. The post-money valuation was $225 million. Funds support global commercialization, especially in regions like the Middle East. Post-round, Activ Surgical launched ActivSight at hospitals like West Penn in 2022 and completed its first international procedure at Abdali Hospital in Jordan in 2024, demonstrating expansion and adoption of its technology to reduce complication rates. |
| Jul 2021 | Series B | Cota Capital (lead) | $45M | - | Activ Surgical is a digital surgery pioneer developing hardware-agnostic platforms that integrate computer vision, artificial intelligence, and robotics to enable autonomous and collaborative surgery, enhancing intraoperative decision-making and reducing errors. The company achieved milestones in 2021 including FDA clearance for its ActivSight enhanced visualization module, issuance of its first U.S. patent for ActivSight, completion of first-in-human clinical trials, and a 35% team expansion. It previously completed the world's first autonomous robotic surgery of soft tissue in 2018 using its ActiveEdge platform. Activ Surgical raised $45 million in its Series B financing round, led by Cota Capital, with participation from new investors BAM Funds, Magnetar Capital, MINT Venture Partners, Castor Ventures, Dream One Vision, and NVIDIA, alongside existing backers DNS Capital, Tao Capital Partners, LRVHealth, Rising Tide VC, GreatPoint Ventures, and ARTIS Ventures. This brought total funding to $77 million at the time of announcement on September 30, 2021. The funds support commercialization of the ActivInsights software suite planned for 2022, aiming to democratize surgical care globally by improving outcomes regardless of geography or economic status. The round reflects strong investor interest in surgical intelligence software, with VC funding into clinical decision support software doubling to $1.1 billion in the first half of 2021. |
| Jul 2020 | Series A | Artis Ventures (lead); DNS Capital; Tao Capital Partners; GreatPoint Ventures; LRVHealth; Rising Tide | $15M | - | Activ Surgical raised a $15 million venture round on July 16, 2020, led by Artis Ventures, with participation from LRVHealth and existing investors DNS Capital, GreatPoint Ventures, Tao Capital Partners, and Rising Tide VC. The funding brought the company's total capital raised to $32 million at that point. Proceeds were allocated to accelerate U.S. commercialization and European expansion of the ActivEdge platform, which enables surgical systems to visualize, characterize, and track tissue in real-time. The company targeted FDA clearance in Q4 2020 and had secured pilot programs with eight U.S. hospital systems. Activ Surgical develops hardware-agnostic surgical software to enhance intraoperative decision-making and reduce complications, including the ActivSight product planned for commercial launch. |
| Oct 2019 | Series A | DNS Capital (lead); Tao Capital Partners; GreatPoint Ventures; Rising Tide; Sony Innovation Fund | $11M | $300M | Activ Surgical is a digital surgery company developing software-centric, hardware-agnostic technology to improve surgical efficiency, accuracy, patient outcomes, and accessibility. The company focuses on advanced imaging and AI to provide intraoperative visual data, with its ActivSight platform launched commercially in 2020. On October 29, 2019, Activ Surgical closed an additional $11 million in Series A funding led by DNS Capital, with participation from GreatPoint Ventures, Tao Capital Partners, Sony Innovation Fund, Rising Tide Financial, WS Investment Company, and Mintz. The funds supported organization growth and preparation for the ActivSight launch. SignalRank reports a valuation of $300,150,000 for this October 2019 round. |
| Jul 2019 | Series A | - | $13M | - | Activ Surgical is a Boston-based digital surgery startup founded in 2017 that develops hardware-agnostic platforms integrating computer vision, artificial intelligence, and robotics to enable autonomous and collaborative surgery. The company's flagship product, ActivSight, is an advanced imaging and sensing platform that attaches to endoscopes and surgical cameras to provide surgeons with real-time visualization of tissue characteristics and blood flow during procedures—capabilities beyond human sight. ActivSight received FDA 510(k) clearance in April 2020. The company has progressed through multiple funding rounds, including seed funding of $1.5 million in July 2017, an $11 million Series A round led by DNS Capital, and a $13 million raise in July 2019. By March 2022, Activ Surgical had raised $60 million in total Series B funding through multiple extensions, with backing from investors including ARTIS Ventures, Cota Capital, NVIDIA, SONY Innovation Fund, and Hikma Ventures. |
| Jul 2017 | Seed | Rising Tide | $2M | - | - |
Who has invested in Activ Surgical?
15 investors have backed Activ Surgical across its funding rounds, including Rising Tide, Tao Capital Partners, Cota Capital, GreatPoint Ventures, LRVHealth and DNS Capital.
Lead investors include Hikma Ventures, Cota Capital, Artis Ventures and DNS Capital.
Activ Surgical Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| -- | 4 | Participant | Jul 2017 | |
| San Francisco, CA | 3 | Participant | Oct 2019 | |
| Chicago, IL | 2 | Lead | Oct 2019 | |
| New Haven, CT | 2 | Participant | Oct 2019 | |
| Boston, MA | 2 | Participant | Jul 2020 | |
| San Francisco, CA | 2 | Lead | Jul 2021 | |
| San Francisco, CA | 1 | Participant | Mar 2022 | |
| San Francisco, CA | 1 | Lead | Jul 2020 | |
 London | 1 | Lead | Mar 2022 | |
| Chicago, IL | 1 | Participant | Mar 2022 | |
| United States | 1 | Participant | Mar 2022 | |
| New York City, NY | 1 | Participant | Mar 2022 | |
 Seoul | 1 | Participant | Mar 2022 | |
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Start Free TrialActiv Surgical Competitors
Activ Surgical competitors include listed companies like Ascom and MTI Ltd., and private ones like CodaMetrix, Unlearn.AI, RapidAI and Lassie.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Boston, MA | Private | $48M | - | $220M | 4.6x | |
 Switzerland | Publicly listed | $356M | $39M | $223M | 0.5x | |
| San Francisco, CA | Private | - | - | $265M | - | |
| San Francisco, CA | Private | - | - | $234M | - | |
| San Francisco, CA | Private | - | - | $250M | - | |
 Japan | Publicly listed | $192M | $39M | $219M | 0.7x |
Activ Surgical Public Comps
Activ Surgical is still privately-owned, but its public comps include Onward Medical, Neuronetics, Ascom, Pro-Dex, RxSight, SmartVest, MTI Ltd., Spok, Profound Medical and Utah Medical.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $4M | ($44M) | 33.6x | 12.8x | (3.3x) | (2.6x) | |||
| $149M | ($28M) | 2.0x | 1.9x | (10.6x) | (21.7x) | |||
| $356M | $39M | 0.5x | 0.5x | 4.9x | 4.6x | |||
| $78M | $20M | 3.0x | 2.9x | 11.6x | 15.3x | |||
| $134M | ($45M) | 0.2x | 0.2x | (0.5x) | (0.5x) | |||
| $74M | $15M | 2.7x | 2.6x | 13.4x | 11.1x | |||
| $192M | $39M | 0.8x | 0.7x | 3.8x | 5.6x | |||
| $140M | $24M | 1.5x | 1.5x | 8.6x | 7.1x | |||
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Common questions about Activ Surgical
| When was Activ Surgical founded? | Activ Surgical was founded in 2017. |
| Where is Activ Surgical headquartered? | Activ Surgical is headquartered in Boston, MA, United States. |
| Is Activ Surgical publicly listed? | No, Activ Surgical is a private, VC-backed company. |
| What is Activ Surgical's valuation? | Activ Surgical was last valued at $225M in its Series B in March 2022. |
| How much funding has Activ Surgical raised? | Activ Surgical has raised $100M across 6 funding rounds. |
| What was Activ Surgical's last funding round? | Activ Surgical's last funding round was a $15M Series B in March 2022, led by Hikma Ventures. |
| Who are Activ Surgical's investors? | Activ Surgical's investors include Rising Tide, Tao Capital Partners, DNS Capital, GreatPoint Ventures, LRVHealth, Cota Capital, ATEL Growth Capital, Artis Ventures, Hikma Ventures, Magnetar Capital and 5 others. |
| Which companies are comparable to Activ Surgical? | Companies comparable to Activ Surgical include CodaMetrix, Ascom, Unlearn.AI, RapidAI, Lassie and MTI Ltd.. |
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