Cambridge Medical Robotics, which is building what it describes as a “next-generation surgical robot”, says it has closed a Series B funding round raising $100 million from new investor, Zhejiang Silk Road Fund and existing investors Escala Capital Investments, LGT, Cambridge Innovation Capital and Watrium.
CMR Surgical says it will use the proceeds to prepare its Versius system for planned commercialisation.
Activities will include the completion of validation studies for regulatory approval processes in both Europe and the USA, international expansion, and commercial scale-up in response to considerable industry interest in adoption of this new product.
CMR says the Versius system was inspired by the human arm. Its “compact size and dexterity” means it can be used across a wide range of minimal access procedures whilst retaining its portability, says the company.
CMR says these are “key attributes” in delivering a system that can fit easily into hospital workflows, drive up utilisation and in turn help surgical robotics reach its full market potential for the benefits of patients around the world.
The company is conducting pre-clinical trials, demonstrating the ability of its Versius system to perform upper gastrointestinal, gynaecological, colorectal and renal surgery.
Versius represents a “new paradigm in surgical experience” for the industry, surgeons and patients, claims CMR.
With Versius, CMR Surgical is targeting the robot-assisted minimal access surgery market which, globally, is estimated to reach $20 billion by 2025.
Martin Frost, CEO of CMR, commented: “CMR Surgical’s rapid growth has given us the opportunity to develop a life-changing solution which we expect to change the take up of minimal access surgery worldwide.
“With these latest funds, we intend to start commercialising Versius in Europe, the USA and more broadly.
“The overwhelming financial backing from our existing and new investors, with strong participation from management and employees, demonstrates their enthusiasm and support for CMR Surgical’s vision in making minimal access surgery available to all.”
The Series B financing was supported by Perella Weinberg Partners advising the Company and Arion Capital advising ZUIG, managers of the Zhejiang Silk Road Fund.