Cambridge robotics startup wins $20.3m Series A cash
Cambridge Medical Robotics, a private UK business developing a next-generation robotic system for universal keyhole surgery, has secured $20.3 million in a Series A funding round from new investors.
They include ABB Technology Ventures, LGT Global Invest and Cambridge Innovation Capital.
Following the successful start of clinical cadaveric trials in June 2016, investment proceeds will enable CMR to continue on its path towards becoming a global medical device manufacturer.
Specifically, the proceeds will be used to progress development and commercialisation of its medical robotic technology and to expand the team in preparation for regulatory approval.
CMR has appointed Dr Robert Tansley of CIC, Massimo Muzzi of ABB and Egor Kulkov of existing investor Escala Capital to the board as part of the scale-up. Martin Frost, CEO of CMR, said: “I'm delighted to announce the support and endorsement of these leading international investors. The financing enables us to increase our engagement with our target market and prepare for commercialisation.
“We welcome the decision of ABB, a global leader in robotics, to cooperate with CMR in areas ranging from component sourcing to manufacturing as we now enter a critical phase in production and commercialisation.”
Dr Robert Tansley of CIC added: “Cambridge is recognised as a world-class cluster for both life sciences and technology. CMR is typical of the sort of Cambridge-based innovative businesses that we seek to support: in its case leveraging its cross-disciplinary networks to revolutionise the area of surgical robotics. We are very excited to support a next-generation leader in the rapidly expanding field of surgical robotics.”
CMR's modular system uses state-of-the-art 3D high-definition imagery, significantly enhanced flexibility, and force feedback to provide surgeons with life-like sensitivity.
The system overcomes obstacles to widespread adoption of robotic minimal access surgery, namely robot size, instrument size, versatility, port placement, cost and ease of use, allowing the system to be highly utilised and cost-comparable to manual laparoscopic surgery.
Founded in 2014, CMR was shortlisted in the Business Weekly Awards Life Science Innovation category just four months ago.