Edge Medical Robotics, a China-based surgical robot developer has raised almost RMB600m ($92.6m) in a series B round co-led by surgical equipment manufacturer Kangji Medical, DealStreetAsia reported yesterday.
Life sciences investment firm Lyfe Capital, private equity fund 3H Health Investment and venture capital firm Panorama Capital co-led the round, which included Poly Capital, a subsidiary of conglomerate China Poly Group, as well as Vertex Ventures China, BioTrack Capital and Alwin Capital.
Founded in 2017, Edge has designed and developed surgical robotics systems used for stereotactic endoscopic operations and multi-port laparoscopic surgery. It built and tested its first robot protype in 2018 and is currently seeking certification from local regulators.
The proceeds from the round will be used to expand the company’s product line, secure regulatory approval internationally and support its marketing efforts.
Edge collected an undisclosed amount of series A funding in 2019, before receiving an eight-digit yuan amount (RMB10m = $1.4m) in an April 2020 series A-plus round co-led by Poly Capital and conglomerate Legend Holdings’ Legend Star subsidiary that included Sanzheng Health, possibly part of chemicals producer Ynnovate Sanzheng.
In September 2020, the company raised over $14.8m in a pre-series-B round led by 3H Health Investment with participation from Legend Star, Poly Capital and Guoce Investment.