CMR Surgical raises $240M for Versius surgical robot

The Versius surgical robot from CMR Surgical. | Credit: CMR Surgical

Cambridge, U.K.-based CMR Surgical raised a $240 million Series C round for its Versius surgical robot. CMR Surgical said it will use the funding to launch the Versius surgical robot “imminently” in Europe and Asia, with “further international expansion expected thereafter.”

The Series C round included existing backers LGT Lightstone, Escala Capital Investments, Cambridge Innovation Capital, Watrium, and Zhejiang Silk Road Fund. The round also included new US investors. CMR Surgical raised a $100 million Series B round in June 2018 and a $20 million Series A in July 2016.

Formerly known as Cambridge Medical Robotics, CMR Surgical has successfully completed 30 first-in-human surgical procedures as of May 2019. Trials that took place in India featured patients with gynecological and gastrointestinal disorders, including hysterectomy and gall bladder procedures.

The Versius surgical robot provides surgeons with multiple robotic arms to carry out a variety of minimally invasive procedures. CMR Surgical said the portability and versatility of the Versius surgical robot, which features three individually cart-mounted robotic arms, is an advantage.

“This is a really exciting time for CMR, having already completed a series of surgical procedures using Versius in a clinical trial, and we are on the verge of the commercial launch of the Versius system,” said Martin Frost, CEO, CMR Surgical. “We are strongly positioned to transform the global market of minimal access surgery, making it more accessible and affordable.”

CMR Surgical said worldwide revenues from robotic surgical devices is about $4 billion a year and growing by 20 percent a year. Revenues anticipated to reach $20 billion by 2025. Intuitive Surgical is the leader in the space as its da Vinci system has been installed in almost 5,000 hospitals worldwide. Medtronic is also gearing up for a surgical robots announcement next week as it’s been working on an answer to Intuitive’s da Vinci.

The Robot Report is launching the Healthcare Robotics Engineering Forum, which will be on Dec. 9-10 in Santa Clara, Calif. The conference and expo will focus on improving the design, development and manufacture of next-generation healthcare robots. Learn more about the Healthcare Robotics Engineering Forum, and registration will be open soon.

In February 2019, Johnson & Johnson acquired Auris Health for $3.4 billion. Auris is a surgical robotics startup founded by Fred Moll. J&J’s acquisition of Auris ist one of the 10 largest VC-backed, private M&A transactions of all-time and will be both the largest robotics and largest medtech private M&A deal in history. Kiva Systems previously held the title for largest robotics acquisition when it was purchased by Amazon for $775 million.

“CMR Surgical has significant potential to make a real impact on the surgical robotics market,” said Umur Hursever, Partner, LGT Lightstone. “As an existing investor, we are confident that the company will disrupt the status quo and transform surgery for millions of people worldwide.”