Cambridge Medical Robotics (CMR) has raised an additional $26m in a Series A funding round to advance development of its next-generation robotic system for universal minimal access surgery.
The British medical equipment manufacturer secured the investment from Cambridge Innovation Capital, Escala Capital, LGT Global Invest and ABB Technology Ventures, its existing investors along with a new investor in Watrium.
CMR has now raised a total of $46m in its Series A round to go along with the first tranche of $20.3m in July 2016.
CMR CEO Martin Frost said: “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.”
The med-tech startup intends to use the proceeds on developing Versius, its versatile surgical robotic system. It will use the capital to fund current studies on the robotic system and to kickstart production of additional systems.
Recently, CMR had completed the latest set of cadaveric trials to establish the ability of its Versius system to perform upper GI, gynaecological, renal and colorectal surgery.
CMR says that its Versius robotic system has a unique four-axis wrist joint integrated within all the robotic arms.
The four-axis wrist joint of Versius has the ability to replicate the dexterity of the human wrist. What separates Versius from other robots is that its wrist joint allows it to grip a surgical instrument just like how a surgeon does.
This ability of Versius enables it to be deployed for a broad range of minimal access procedures and at the same time retaining its compact and portable form.
CMR revealed its plans to advance additional pre-clinical studies of Versius in support of anticipated regulatory approval and subsequent commercialisation.
Image: Martin Frost, CEO of Cambridge Medical Robotics. Photo: courtesy of Cambridge Medical Robotics Ltd.