Surgical robotic system developer raises $26m
Cambridge Medical Robotics, the developer of a next-generation robotic system used for surgery, has secured further backing from Cambridge Innovation Capital as part of a $26 million funding round.
CMR, which featured in BusinessCloud’s 101 Tech Start-up Disrupters list, is developing robots capable of performing up to 90 per cent of all keyhole surgeries, making them more universal and affordable.
The precision of the system is said to have great potential for reducing recovery time, which would benefit hospitals should it gain the appropriate regulatory approval and come to market in 2018 as planned.
The $26m was raised from CIC and other existing backers including LGT Global Invest, Escala Capital and ABB Technology Ventures, as well as new investor Watrium. Following the first close in July 2016, the Series A round has raised $46m in total.
The proceeds will be used to progress CMR’s surgical robotic system, Versius, through ongoing validation studies and to start production of further systems.
“Versius continues to demonstrate its leading position in this next generation of robotic surgery systems,” CEO Martin Frost said.
“I’m pleased to report this significant progress and thank our existing and new investors for their enthusiastic support and look forward to continuing our rapid development as we lay the foundations for producing and marketing this in-demand system.”
CMR has recently completing the latest set of cadaveric trials, demonstrating the ability of its Versius system to perform upper gastrointestinal, gynaecological, colorectal and renal surgery.
Unique to the Versius system is a four-axis wrist joint incorporated within all the robotic arms. This compact joint mimics the dexterity of the human wrist and, unlike other robots, enables Versius to hold a surgical instrument in the same way as a surgeon.