China-based medical robotics developer Cornerstone Robotics has closed a RMB500m ($78.3m) series B round featuring pharmaceutical firm Eli Lilly, property developer New World Development and local services portal Meituan, DealStreetAsia reported yesterday.
Private equity firm Tsing Song Capital and venture capital firms Gaorong Capital, Qiming Venture Partners and K2VC filled out the participants in the round. Eli Lilly and Meituan invested through their Lilly Asia Ventures and DragonBall Capital vehicles respectively.
Founded in 2019, Cornerstone produces robots designed to carry out procedures such as soft tissue and laparoscopic surgery.
The company plans to use the proceeds for research and development, to advance potential products including a laparoscopic surgery-focused robot into clinical trials and to boost its commercialisation and marketing activities.
Although precise details of Cornerstone’s earlier funding could not be ascertained, DealStreetAsia identified Gaorong Capital, Qiming Venture Partners, Tsing Song Capital and K2VC as existing investors.
