Virtual Incision said today it raised $18 million in a Series B funding round to support FDA 510(k) submission for its next-gen minimally-invasive robotically assisted surgical device.
The round was co-led by newly invested Sinopharm Capital and existing investor BlueStem Capital and was joined by PrairieGold Venture Partners and other investors, the company said.
“Closing this round of financing launches the development of our miniaturized surgical robot toward our next key milestones, including submission to the FDA for market clearance. We sincerely appreciate the support from all of our investors, who clearly understand the tremendous potential of our surgical robotics program and provide vital input to our team and company,” CEO John Murphy said in prepared remarks.
The Virtual Incision RASD is being designed to facilitate less-invasive general surgery abdominal procedures that are normally performed through large, open incisions including multi-quadrant surgeries, the company said.
The system features a small, self-contained surgical robot which is designed to be inserted through an umbilical incision in the patient’s abdomen, Virtual Incision said. The platform is designed to use existing tools and techniques to reduce the need for specialized equipment and infrastructure.
“The large footprint and dedicated operating suite required to house multi-port or single-port mainframe robots can limit access, especially in smaller hospitals that have only one robotic surgery system. In contrast, our robot is designed to be moved from suite to suite as needed, providing the surgical staff with much more flexibility when it comes to the tools being used during a procedure. Our objective is to significantly reduce operating room complexity, with a goal of better clinical outcomes for patients,” co-founder & chief technology officer Shane Farritor said in a prepared statement.
Virtual Incision said the RASD was successfully used for the first time in a colon resection surgery outside the US in 2016 as part of its safety and feasibility trials.
“Virtual Incision is committed to developing a family of simpler and more cost-effective robotic options targeting multiple procedures including gallbladder removal, hernia repair, colectomy and similar abdominal surgeries. Our elegant technologies will help eliminate the complex and costly surgical robot options currently available, which can weigh nearly 2,000 pounds. Virtual Incision will provide minimally invasive options in a cost-effective and streamlined two-pound package,” co-founder & chief medical officer Dr. Dmitry Oleynikov said in a press release.