Downing leads £4.3m series-A for FundamentalVR

The series-A gives the company a post-money valuation of £11.3m.

Investment company Tern, Epic Private Equity and Brighteyes Ventures also participated, alongside healthcare companies US-based Mayo Clinic and Germany-based Sana Kliniken.

Tern has converted, at a 20% discount to the current fundraising price, £500,000 in convertible loans. Tern provided these bridging loans to FundamentalVR between April and September 2019. Following the funding round, Tern's shareholding in FundamentalVR will be 26.9% with a valuation of £3m.

The fresh capital will be used to further develop the company's technology platform.

Previous funding
The company raised £1m from an undisclosed investor in 2017.

Tern contributed £2.8m in 2018.

Company
Founded in 2012 and headquartered in London, FundamentalVR provides training, simulation and education using virtual reality simulations in the medical and communications markets. The company posted a loss of £2m for 2018.

People
Tern – Al Sisto (CEO).

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