'Life-changing' surgical robot developer raises $100m
A Cambridge-headquartered company developing a next-generation robotic system used for surgery has raised $100m to start commercialising its system.
CMR Surgical, 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 funding round was raised from new investor Zhejiang Silk Road Fund and existing backers Escala Capital Investments, LGT, Cambridge Innovation Capital and Watrium.
The proceeds will be used 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 US, international expansion, and commercial scale-up in response to considerable industry interest in adoption of this new product.
"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," said CEO Martin Frost.
"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."
Inspired by the human arm, the Versius system's compact size and dexterity means the system can be used across a wide range of minimal access procedures while retaining its portability.
The company is currently conducting pre-clinical trials, demonstrating the ability of its Versius system to perform upper gastrointestinal, gynaecological, colorectal and renal surgery.
CMR Surgical was formed in 2014 and is based in Cambridge, where it employs around 150 people. Earlier this year the business signed an agreement to develop its new 42,000 sq ft headquarters at Evolution Business Park on the outskirts of Cambridge.