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CMR Surgical, a U.K.-based developer of robot-assisted surgical systems, raised $600 million in Series D funding. It raised a $240 million Series C round in September 2019, a $100 million Series B in June 2018 and a $20 million Series A in July 2016. It has raised nearly $1 billion since it was founded in 2014.
The Series D was led by SoftBank Vision Fund 2ii and co-led by Ally Bridge Group. CMR said the funding will be used to increase the global commercialization of Versius, a robotic system designed to aid in minimally-invasive keyhole surgery. At the moment, the system is designed for serious bowel conditions such as bowel cancer. According to CMR, Versius has been used in 1,000 surgeries around the world.
The funding also supports the development of Versius’ digital framework, including Versius Connect, an app for surgeons using the Versius surgical robotic system. CMR Surgical was formerly known as Cambridge Medical Robotics.
“This latest financing equips CMR with significant funds to accelerate our mission of bringing Versius to hospitals worldwide, whilst providing full flexibility to achieve our goals,” said CMR Surgical CEO Per Vegard Nerseth. “This major injection of capital that now values us at $3 billion not only reflects the level of interest we have seen in our product, but also the scale of the business, and will enable significant technology developments and global expansion.”
“Demand for minimally-invasive robotic surgery is growing rapidly among surgeons and patients yet high costs have historically hindered adoption,” said Yanni Pipilis, Managing Partner for SoftBank Investment Advisers. “CMR Surgical is transforming surgical robotics to convert under-penetrated open & laparoscopic procedures in new international markets where robotic surgeries are less prevalent such as India, the Middle East and Latin America. We look forward to working with CMR in its mission to make robotic keyhole surgery available to everyone.”
There has been a flurry of acquisitions and investments made into surgical robotics companies in 2021. Stryker kicked off the year acquiring OrthoSensor, and its Verasense intraoperative sensor technology, to improve its Mako robots. Financial terms of the deal were not disclosed.
In February, EndoWays, an Israeli developer of a disposable robotic system for the cathlab, was acquired by Ascendum Capital, a healthcare-focused investment platform founded in 2020.
Edge Medical Robotics and Memic raised funding rounds of $92 million and $96 million, respectively. Vicarious Surgical is going public via a $1.1 billion special purpose acquisition company (SPAC) deal with D8 Holdings. Memic is also reportedly discussing going public via SPAC.