Cambridge Medical Robotics Ltd, the private company developing a next-generation robotic system for universal minimal access surgery, announces that it has secured $20.3 million in a Series A funding round from new investors including ABB Technology Ventures (‘ABB’), LGT Global Invest (‘LGT’) and Cambridge Innovation Capital (‘CIC’).
Following the successful start of clinical cadaveric trials in June 2016, investment proceeds will enable CMR to continue on its path towards becoming a global medical device manufacturer. Specifically, the proceeds will be used to progress development and commercialisation of its medical robotic technology, and to expand the team in preparation for regulatory approval.
In association with the financing, CMR has appointed to its Board of Directors, Dr Robert Tansley of CIC, Massimo Muzzi of ABB and Egor Kulkov of existing investor Escala Capital.
Commenting on the successful financing, Martin Frost, CEO of CMR, said: “I’m delighted to announce the support and endorsement of these leading international investors. The financing enables us to increase our engagement with our target market and prepare for commercialisation. We welcome the decision of ABB, a global leader in robotics, to cooperate with CMR in areas ranging from component sourcing to manufacturing as we now enter a critical phase in production and commercialisation.”
Reynir Indahl, the Chairman of CMR, added: “This funding round is a transformative milestone as CMR, with positive results from recent preliminary cadaveric trials, seeks to be among the first to market with a fully versatile, affordable system expanding the range of procedures beyond that which are presently performed robotically.”
Girish Nadkarni, President of ABB Technology Ventures, commented: “ABB invests in CMR as the company has what looks to be the next-generation platform for minimal access surgery, a field with an enormous potential given today’s expanding needs in the health care industry. Furthermore, CMR’s technologies can have even wider application as the robotic world moves toward fully versatile, collaborative robotic systems.”
Dr Robert Tansley of CIC added: “Cambridge is recognised as a world-class cluster for both life sciences and technology. CMR is typical of the sort of Cambridge-based innovative businesses that we seek to support: in its case leveraging its cross-disciplinary networks to revolutionise the area of surgical robotics. We are very excited to support a next-generation leader in the rapidly expanding field of surgical robotics.”
Mooreland Partners LLP acted as exclusive financial advisor to the Company.