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Galen Robotics, a surgical robotics company looking to erase the large capital expenditures end-users face when considering surgical robotics platforms, announced that it brought in $15 million in funding in an oversubscribed Series A round.
Galen Robotics aims to offer its surgical robotic system, the Galen robot, using a digital-surgery-as-a-service model, a per-usage disposable model. This model allows the end user to pay based on usage of the robot, instead of paying a large lump sum upfront, similar to a robots-as-a-service approach.
“Because the pandemic wreaked havoc on hospital profits with elective surgeries being postponed, we had to pivot our business model from hospitals paying upfront for capital equipment to “as a Service”. We will be the first robotic company to launch using an On-Demand business model.” Bruce Lichorowic, President and Chief Executive Officer of Galen Robotics, said.
The Galen robot is designed to be easily integrated into current surgical workflows and aid surgeons in performing minimally invasive procedures. Right now, the company is focusing on laryngological procedures, but it hopes to expand the scope of the platform into ENT, neurosurgery, spine and cardiothoracic procedures.
Galen Robotics used its Series A round to help complete the final prototype of the robot and its submission to the FDA. It also plans to use the funding to develop a clinical sales team, expand engineering, grow product development and develop surgeon training programs.
Ambix Healthcare Partners, based in Menlo Park, CA, led the Series A round. After closing the round, the company opened a 2nd close for the Series A funding round for an additional $5 million.
“It was an easy and quick decision for our firm to lead the Galen Series A funding round,” Dr. Aaron Berez, Managing Director of Ambix Healthcare Partners, said. “We watched this team take an early surgical robotic prototype from Johns Hopkins University’s Robotics Lab, develop it into a potential game changer, and submit it to FDA, all during a pandemic. Add to that the current state of supply chain issues, and economic uncertainty, and we’re very impressed with how this team was able to consistently execute and hit their milestones.”