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Jan
12
2017

Latvian startup Anatomy Next raises EUR 300,000 worth of investments

Latvian startup Anatomy Next has signed contracts for investments worth EUR 300,000 in total with the venture capital fund Imprimatur Capital and a private investor from Latvia.

The contracts were signed right after the company graduated from Latvia’s first startup accelerator program Startup Wise Guys. The funding will be used for the development of 3D head and neck anatomy models that will be used in medical education by universities all over the world.

Anatomy Nexthas created an interactive application that employs augmented reality and web-based software for personalized medical education and healthcare. It is being developed in cooperation with medical professionals from the leading Latvian and U.S. universities.

The startup is predicted to have a great potential in the USD 1.5 billion market of medical education software.

The company has been founded by Uldis Zariņš, author of two books on anatomy for sculptors. Together with business partner and Anatomy Next co-founder Sandis Kondrāts, two successful campaigns have been organized on crowdfunding platform Kickstarter.

The application is being gradually developed on the basis of the books. So far work has been completed on head and neck muscles and bones. Work is continuing on the 12 cranial nerves. The future plans are nothing short of ambitious – development of a 3D augmented reality model of the entire human body.

For this purpose, experts from other fields have been involved – Jānis Kondrāts is heading a team of programmers, Reinis Znotiņš has participated in the U.S. accelerator Techstars and is now in charge of operations, Ieva Grīnberga and Reinis Jansons are the medical consultants, while Agnis Vēgners and Kristaps are in charge of 3D arts and programming.

The entire team on December 15 graduated from Latvia’s first startup accelerator program Startup Wise Guys Riga powered by Lattelecom. For three months prior to that, the company was working on product upgrades, attracting funds, establishing valuable contacts, and since very recently it has completely changed its approach to the business and conquering the market.

“Investments and what we have learned during the accelerator program are like the launch pad of a rocket that will achieve our vision of developing a company to help save billions of lives. The team has been growing and evolving for several years. I am confident that we will be able to attain our goals and popularize Latvia’s name worldwide,” says Kondrāts.

“Startup Wise Guys is the best program in the world! When I become an investor, I’ll only be investing in companies that graduate from business accelerators,” adds Kondrāts.

One of the investors, Toby Moore, managing partner at Imprimatur Capital Fund Management, is also confident about the success of the team: “Anatomy Next is run by an internationally-experienced team. Their target market has great potential. And the product they are developing successfully combines augmented reality with ed tech. We see our investment in the project as an exciting opportunity!”

Anatomy Nextis a Latvian-U.S. company founded in 2015, but the idea has been evolving for seven years.

The company has had two successful crowdfunding campaigns on Kickstarter, drawing more than USD 70,000 in total. As a result of these campaigns, a book was published, which has generated USD 500,000 in sales thus far.

Drawing on own capital, digital platform anatomy4sculptors.com was created, offering physical and digital material to help sculptors and designers learn anatomy.

Anatomy Nexthas received a lot of praise from medical experts. At the moment, Anatomy Next team is focusing on the medical education market, and has attracted investment worth EUR 350,000 from external sources.