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Ganymed Robotics, a company developing computer vision software and robotics technologies for orthopedic surgeries, announced that it raised more than $21.3 million (€21 million) in an oversubscribed Series B round.
The company’s technology platform acts as a co-manipulated robotic assistant for total knee arthroplasty (TKA), also known as a knee replacement. The table-mounted robot has a multimodal sensor embedded in its arm. The sensor fuels a proprietary algorithmic suite that allows the robot to register the patient’s anatomy without making any contact.
Cathay Health, a global multi-stage €500 million fund that invests in company whose technology enables advances in medicine, led the funding round. Credit Mutuel Innovation, Kurma Partners, BNP Paribas Développement and internationally renowned surgeons also participated in the round.
“The support of this high-profile group of investors, specialized in innovation and healthcare is a strong endorsement of the work accomplished and of our vision for the future of orthopedic surgery. We are eager to enter this new phase of growth,” Sophie Cahen, co-founder and CEO of Ganymed Robotics, said. “With our unique robot-with-eyes platform, we are committed to providing all surgeons and care centers, large and small, with an easy-to-use and cost-effective solution that will radically improve patient outcome, surgeon experience and overall efficiency of joint replacement interventions.”
Ganymed Robotics plans to use the funding to support its expansion into France and the United States, finalize the industrial development of its surgical system, accelerate regulatory and marketing development across geographies and diversify its innovation product pipeline.
“We have been impressed by Ganymed’s next-generation technology. We are looking forward to working alongside such a talented team and contribute to making orthopedic surgery safer, more accessible, more surgeon-centric and ultimately more efficient for all,” Dr. Steve Oesterle, former SVP Medicine and Technology at Medtronic, now Venture Partner at Cathay Health, said.
Since starting in 2018, the company has made great strides towards bringing its surgical system to market. It has successfully completed prototype tests, initiated industrialization of its first device dedication to TKA through strategic partnership with manufacturers and secured a robust patent portfolio.
Ganymed’s mission is to improve patient outcome, surgeon experience and the overall efficiency of care with its technology. It’s based in Paris, and hopes to continue to grow its technological capabilities to other orthopedic surgeries.