CMR Surgical, a UK-based surgical robotics developer that counts power and automation technology producer ABB as an investor, raised £195m ($240m) in series C funding today.
Asset management group LGT, University of Cambridge-affiliated patient capital fund Cambridge Innovation Capital (CIC), investment firm Watrium, private equity fund Zhejiang Silk Road Fund and Escala Capital put up the cash along with unnamed US investors.
Founded in 2014, CMR has created a robotics system designed to conduct minimal access surgery, utilises high-definition 3D video and individually cart-mounted arms to help surgeons work in parts they otherwise find it difficult to reach.
The round comes after CMR obtained European CE Mark clearance for its Versius system in March this year. It performed 30 first-in-human procedures in May during a clinical trial that is still ongoing.
The company has now received $386m in equity financing altogether, closing a $46m series A round featuring ABB subsidiary ABB Technology Ventures, CIC, Watrium, Escala Capital and LGT in 2017.
CIC, Watrium, LGT and Zhejiang Silk Road Fund subsequently provided $100m in series B funding for CMR in June 2018.
Martin Frost, CMR Surgical’s CEO, said: “We are delighted with the level of interest and support we have received from both new and existing investors.
“This is a really exciting time for CMR, having already completed a series of surgical procedures using Versius in a clinical trial, and we are on the verge of the commercial launch of the Versius system. We are strongly positioned to transform the global market of minimal access surgery, making it more accessible and affordable.”
Citigroup Global Markets and Morgan Stanley International were placement agents and joint financial advisors on the deal, which valued CMR at more than $1.2bn according to the Financial Times.
Image courtesy of CMR Surgical Ltd.
