Business
Additional Investment in FundamentalVR
Additional Investment in FundamentalVR.
About this update from Tern Plc
[{"type":"text","content":"\n \nTern PLC (TERN)Tern PLC: Additional Investment in FundamentalVR30-Oct-2018 / 07:00 GMT/BSTDissemination of a Regulatory Announcement, transmitted by EQS Group.The issuer is solely responsible for the content of this announcement.\n\n30 October 2018\n\nTern Plc (\"Tern\" or the \"Company\")\n\nAdditional Investment in FundamentalVR\n\nTern Plc (AIM: TERN), the investment company specialising in the Internet of Things (\"IoT\"), is pleased to announce that it has made a further £1.1 million investment in FVRVS Limited (\"FundamentalVR\" or \"Fundamental\"), a leading Virtual Reality (\"VR\") training and data analysis technology platform and one of its existing portfolio companies. Fundamental's award-winning platform combines immersive virtual reality with cutting-edge haptics (the sense of touch) to create low-cost and scalable 'flight simulator' experiences which offer a new way to facilitate skills development for surgeons. This additional investment increases Tern's holding in FundamentalVR from 18.3% to 34.7%.\n\nThis investment follows Fundamental's recent signing of a three year term joint development agreement with the Mayo Foundation for Medical Education and Research (\"the Mayo Clinic\"), the U.S. leading academic medical centre which was voted Best Hospital in 2018 U.S. News & World Report rankings of top hospitals in the USA, which will see the two parties collaborating on a range of simulation and education products with an initial focus on the General Surgery area. Additionally, the current release of the Fundamental Surgery platform is now live in the Mayo Clinic's world-renowned simulation centres located in Arizona, Florida and Minnesota.\n\nThis new alliance is expected to accelerate FundamentalVR's progress in building out its procedures portfolio and enables the FundamentalVR team to have access to leading surgical knowledge as well as 3D modelling, data scientists and simulation specialists at the Mayo Clinic. The Mayo Clinic and FundamentalVR are both ultimately focused on improving patient outcomes and share the belief that the comparative data insight and measurement collected and available through the FundamentalVR platform will have a profoundly positive impact on medical outcomes and products around the world. \n\nUnder the joint development agreement, the Mayo Clinic will receive royalties o...