Cambridge medical devices pioneer CMR Surgical is commercialising a new robotics arm to revolutionise keyhole surgery.
A $240 million Series C raise in September 2019 saw CMR secure a billion dollar valuation. The record-breaking Series C has triggered massive expansion plans in Cambridge and worldwide as the medical devices trailblazer scales headcount and manufacturing.
The Series C is Europe’s largest ever private financing round in the medical technology sector and CEO Martin Frost said the financing would fully fund the global commercial scale-up of the business to deliver the Versius® surgical robotic arm system to hospitals globally.
The round was led by Series A investor LGT Lightsone and backed by existing supporters, Escala Capital Investments, Cambridge Innovation Capital, Watrium, and Zhejiang Silk Road Fund as well as new US investors with deep sector knowledge. The backing helped CMR to a $400m-plus raised haul to date.
Biomimicking the human arm, the Versius® surgical robotic arm system provides dexterity and precision to surgeons. In addition, the versatility and affordability of the system means it can be used across a broad range of minimal access surgery (MAS).
CMR Surgical aims to make MAS universally accessible, rapidly increasing the number of robotic-assisted procedures that take place globally. The $3.7 billion global robotic-assisted MAS market is growing at 19 per cent a year.
The company secured $100 million (£74m) Series B funding in June 2018. The $100m came from new investor the Zhejiang Silk Road Fund and existing investors Escala Capital Investments, LGT, Cambridge Innovation Capital and Watrium.
In May 2019 Versius® successfully completed its first series of surgical procedures in humans. 30 laparoscopic procedures were completed as part of a clinical trial at Deenanath Mangeshkar Hospital & Research Center in Pune, India, by Consultant Oncologist and General Surgeon Dr. Dhananjay Kelkar and his team. The surgeries consisted of minor, intermediate and major gynaecological and upper gastrointestinal (GI) procedures.
Incorporated in 2014, CMR employs more than 400 people in Cambridge.