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Virtual Incision raised $46 million in Series C funding for its MIRA surgical robot. The funds will be used to support regulatory and clinical programs leading to the commercialization of the MIRA, which is a miniature surgical robotics assistant designed for laparoscopic procedures such as colon resection.
Virtual Incision said the funding will also be used to support research and development. The company said it has begun developing a family of miniature robots for additional operations such as hernia repair, gallbladder removal, hysterectomy, sleeve gastrectomy and others.
“Virtual Incision’s goal is to transform surgery by providing a practical and hassle-free platform that will enable efficient, effective and affordable access to robotic-assisted technology, regardless of the site of care,” said John Murphy, Virtual Incision’s president and CEO. “We are excited that this funding will support our efforts to advance MIRA, so that more patients can ultimately experience the benefits of minimally invasive surgery.”
Virtual Incision recently announced the world’s first surgery using MIRA. The robotically-assisted, right hemicolectomy procedure was performed as part of a clinical study of MIRA under an Investigational Device Exemption (IDE) from the U.S. Food and Drug Administration (FDA). The study, which the company believes is progressing well, is currently being conducted at a limited number of U.S. hospitals in support of the system’s regulatory pathway to approval.
“The ability of MIRA to successfully perform colon resection—a challenging procedure in minimally-invasive surgery that requires multi-quadrant anatomical access and significant robotic strength—demonstrates the huge potential of the platform,” said Shane Farritor, Ph.D., Virtual Incision’s co-founder and chief technology officer. “This funding milestone represents a step forward in our goal to deliver a miniaturized solution for robot-assisted laparoscopic surgery, regardless of the site of care.”
“While the demand for robotically assisted surgery continues to grow because of its clear benefits for patients, there are still challenges that hinder broader adoption, such as high cost, complex set-up, and required space and infrastructure,” said Robert Barmann, partner, Endeavour Vision. “MIRA is intended to address the limitations associated with current main-frame robotic-assisted surgery systems through its small, mobile design that is streamlined for routine high volume procedures. We look forward to partnering with Virtual Incision to advance this innovative technology.”
The round was led by Endeavour Vision and Baird Capital, with participation from returning investor Bluestem Capital and others.