Procept BioRobotics, a US-based surgical robotic technology developer backed by pharmaceutical firm Novo, received $85m on Wednesday in a series G round led by investment and financial services group Fidelity.
Fidelity was joined by investment manager T Rowe Price Associates and investment firms CPMG and Viking Global Investors, in addition to hedge fund manager Perceptive Advisors and Duquesne Family Office.
Founded in 2009, Procept sells an automated surgical robotic system used in a minimally invasive urologic surgery known as aquablation therapy. The system is mainly designed to treat patients with benign prostatic hyperplasia, a common condition in which the prostate gland becomes enlarged.
Reza Zadno, Procept’s president and chief executive, said: “We expect this capital will enable us to continue scaling our commercialisation efforts to meet the global demand for aquablation.”
The company had raised $77m of series F funding from undisclosed investors in August 2020, according to a regulatory filing. It secured $118m in a 2018 round led by Viking Global Investors and backed by Perceptive Advisors and CPMG.
Novo led a $42m round for Procept in 2015, investing alongside CPMG and undisclosed existing backers, having previously pulled in $6m of equity funding and $1.6m in debt financing across 2013 and 2014.