The surgery robotics developer has added $26m from investors including Cambridge Innovation Capital to complete its series A round, 14 months after closing the first tranche.
UK-based surgical robotics startup Cambridge Medical Robotics (CMR) closed a $46m series A round featuring Cambridge Innovation Capital (CIC), the patient capital fund founded by University of Cambridge, yesterday.
The round closed after CMR secured $26m from CIC, ABB Technology Ventures, a strategic investment subsidiary of power and automation group ABB, family-owned investment firm Watrium, Escala Capital and LGT Global Invest.
CIC, ABB Technology Ventures and LGT Global Invest had provided the initial $20.3m of series A funding for CMR in July 2016.
CMR has built a robotics system called Versius that can perform minimal access surgical procedures. It features a four-axis wrist joint to mimic the dexterity of a human surgeon and improve the robot’s ability to work within the smallest surgical incision.
Versius recently cleared a set of cadaveric trials that demonstrated its ability to conduct surgical procedures such as gynaecological or renal operations. The latest funds will be used to finish validation studies on a Versius prototype ahead of a planned production launch.
Martin Frost, chief executive of CMR, said: “Versius continues to demonstrate its leading position in this next generation of robotic surgery systems.
“I am 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.”
– A version of this article first appeared on our sister site Global Corporate Venturing.
