Medical Microinstruments (MMI), a robotics company dedicated to increasing treatment options and improving clinical outcomes for patients with complex conditions, has raised $110 million in Series C financing.
The round, led by Fidelity Management & Research Company, marks the largest ever investment in microsurgery innovation.
The funds will support commercialization of the Symani Surgical System in high-growth markets and continued investment in studies that generate clinical evidence and enable indication expansion.
Investments will also accelerate advanced technology capabilities and enable MMI to scale its operational capabilities globally.
MMI and its existing investors, all of whom contributed to the Series C financing, see considerable opportunity for rapid growth.
The company projects the market for eligible robotic microsurgical procedures will grow from 3 million to 22 million annually by 2028, driven primarily by technological advancements and indication expansion.
Mark Toland, CEO of MMI, says: “Against a backdrop of plateauing investments in medical robotics, this support builds on our confidence in a new, less invasive solution for open surgery, a significant market that can benefit from the smallest wristed microinstruments.
“Our Symani Surgical System is uniquely positioned to expand patient access to care by accelerating the number of surgeons able to perform complex, delicate procedures.
“With the support of our investors, we will continue to advance our technology through a growing body of clinical evidence and expanded hospital partnerships.”
The Symani Surgical System is a first-of-its-kind robotic technology that uniquely addresses the scale and complexities of microsurgery and supermicrosurgery.
By allowing surgeons to replicate the natural movements of the human hand at the micro scale, it can expand treatment options for patients in need of soft tissue, open surgical procedures, such as free flap reconstructions, lymphatic surgery, and trauma replantations.
It is designed to help restore quality of life for more patients, accelerate the number of surgeons able to push the boundaries of complex procedures for delicate anatomy, and enable hospitals to expand their open surgical programs.
MMI has raised over $200 million in funding to date. In 2022, it closed a Series B financing round to propel growth.
The funding was allocated to help expand indications and support ongoing commercialization efforts for the Symani Surgical System in Europe, where it received CE mark in 2019, accelerate plans to commercialize in the US and Asia-Pacific, and advance clinical research.
