CMR Surgical raises $600 million (£425 million) in Series D financing

Funding fully supports the accelerated continued global expansion and commercial scale up of the business
The largest ever MedTech private financing round worldwide to help bring Versius® to hospitals around the world (i)

Cambridge Innovation Capital (CIC), the venture capital investor focused on IP-rich deeptech and life sciences businesses in the Cambridge ecosystem, has participated in the $600 million (£425 million) Series D funding round raised by CMR Surgical (CMR), a global surgical robotics business based in Cambridge behind the next-generation surgical robotic system, Versius®. CIC was an early investor in CMR, having first invested in the company’s Series A round in 2016. It has continued to provide financial support in each of the subsequent rounds and provided guidance, enabling the realisation of the potential of Versius. The funds will be used to increase the global commercialisation of Versius, and further develop its digital ecosystem.

CMR works with surgeons and hospitals to provide an optimal tool to make robotic keyhole surgery universally accessible and affordable. Versius’ size, portability and versatility have made it very popular with hospitals and surgeons around the world. As part of CMR’s ongoing international expansion, Versius has been successfully launched in multiple geographies worldwide including across Europe, Australia, India and the Middle East. Global demand for CMR’s surgical robot continues to grow with significant further momentum anticipated.

The Series D secures the financing to fully execute CMR’s strategy to rapidly accelerate its geographical expansion and build upon the framework the Company has established to grow a long-term independent global business. The new funds also support the continued development of the system’s digital framework, including new technological developments such as Versius Connect, an app for surgeons using the Versius surgical robotic system.

Dr Robert Tansley, Partner, Cambridge Innovation Capital, said:

“We would like to congratulate CMR Surgical on the success of its Series D round, which will support the company’s growth as a commercial organisation and bring transformative benefits to patients and surgeons around the world. CMR’s success demonstrates the strength of CIC’s strategy of gaining early access to the most innovative technology companies in the Cambridge ecosystem and partnering with them through their lifecycles, as they go on to deliver the very best of Cambridge’s innovations to the world.”

Per Vegard Nerseth, Chief Executive Officer of CMR, commented:

“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. This major injection of capital that now values us at $3billion 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. I would also like to thank our existing investors for their long-term support.”