Home Business NewsBusiness CMR Surgical raises $100m in a Series B financing

CMR Surgical raises $100m in a Series B financing

by LLB Reporter
4th Jun 18 7:34 am

Here’s what you need to know

CMR Surgical, the British company developing a next-generation surgical robot, announces that 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 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.

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 whilst retaining its portability. 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 preclinical 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.

With Versius, CMR Surgical is targeting the robot-assisted minimal access surgery market which, globally, is estimated to reach $20 billion by 20251.

Martin Frost, Chief Executive Officer of CMR Surgical, 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 advising the Company and Arion Capital advising ZUIG, managers of the Zhejiang Silk Road Fund.

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