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Cambridge Enterprise sister organisation CIC has participated in the $100 million Series B funding round closed by CMR Surgical, the Cambridge-based company developing a next-generation surgical robot.
CMR Surgical will use the proceeds to prepare its Versius® system for planned commercialisation. Activities will include: the completion of validation studies for regulatory approval processes in both Europe and the US; international expansion; and commercial scale-up in response to considerable industry interest in adoption of this new product.
Inspired by the human arm, the Versius system’s compact size and dexterity means the system can be used across a wide range of minimal access procedures whilst retaining its portability. These are key attributes in delivering a system that can fit easily into hospital workflows, drive up utilisation and in turn help surgical robotics reach its full market potential for the benefits of patients around the world. The company is conducting preclinical trials, demonstrating the ability of its Versius system to perform upper gastrointestinal, gynaecological, colorectal and renal surgery. Versius represents a new paradigm in surgical experience for the industry, surgeons and patients.
With Versius, CMR Surgical is targeting the robot-assisted minimal access surgery market which, globally, is estimated to reach $20 billion by 2025.
Robert Tansley, Operating Partner at CIC, commented: “At the point of our initial investment, Martin and the team at CMR Surgical laid out a very clear view as to the type of surgical robot that is needed today. We backed their vision and now are pleased to see the progress that the company is making towards having the CMR Surgical robots available in operating theatres around the world”.
Martin Frost, Chief Executive Officer of CMR Surgical, added: “CMR Surgical’s rapid growth has given us the opportunity to develop a life-changing solution which we expect to change the take up of minimal access surgery worldwide. With these latest funds, we intend to start commercialising Versius in Europe, the US and more broadly. The overwhelming support from our investors, with strong participation from management and employees, demonstrates their enthusiasm and support for CMR Surgical’s vision in making minimal access surgery available to all”.