Cambridge Innovation Capital has increased its holding in Cambridge Medical Robotics Ltd (CMR), the private company developing a next-generation robotic system for universal minimal access surgery. CMR has closed its Series A funding round, raising a further $26 million from CIC and other existing investors LGT Global Invest, Escala Capital and ABB Technology Ventures, together with new investor Watrium. Following the first close in July 2016, the Series A round has raised $46 million in total.
CMR will use the proceeds to progress its versatile surgical robotic system, Versius®, through ongoing validation studies and to start production of further systems. The company has recently completed the latest set of cadaveric trials, demonstrating the ability of its Versius system to perform upper gastrointestinal, gynaecological, colorectal and renal surgery.
Unique to the Versius system is a four-axis wrist joint incorporated within all the robotic arms. This compact joint mimics the dexterity of the human wrist and, unlike other robots, enables Versius to hold a surgical instrument in the same way as a surgeon. This means the system can be used across a wide range of minimal access procedures whilst retaining its remarkable compact and portable form. The company will now progress further pre-clinical studies in support of anticipated regulatory approval and commercialisation.
Dr Robert Tansley, Investment Director at CIC said, “Cambridge Medical Robotics has made great progress since our initial investment just over a year ago. It is leveraging the core skills of the Cambridge cluster in medical technology and engineering to create a next-generation leader in the expanding field of surgical robotics. We are delighted to continue to support CMR as it develops Versius towards commercialisation.”
Martin Frost, CEO of CMR, added, “Versius continues to demonstrate its leading position in this next generation of robotic surgery systems. I’m pleased to report this significant progress and thank our existing and new investors for their enthusiastic support and look forward to continuing our rapid development as we lay the foundations for producing and marketing this in-demand system.”