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Cambridge Innovation Capital (CIC) has joined in Europe’s largest private financing round in the medical technology sector. CIC, a venture capital investor focused on category-leading companies in the Cambridge ecosystem, participated in the £195 million Series C funding round raised by CMR Surgical, the Cambridge-based company developing, manufacturing and marketing the next-generation surgical robotic system, Versius®.
CIC was an early investor in CMR Surgical, having first invested in the company’s Series A round in 2016. The Cambridge Enterprise sister organisation has continued to provide financial support and guidance, enabling the realisation of the potential of the Versius® system.
The proceeds will be used to drive the next stage of CMR Surgical’s growth, including the planned commercialisation of its Versius® system whilst supporting continued research and development, manufacturing and expansion. CMR Surgical is expected to launch in hospitals across Europe and Asia imminently with further international expansion expected thereafter.
By mimicking the human arm, the Versius® system extends the surgeon’s own dexterity and precision. In addition, the system’s versatility and affordability mean it can be used across a wide 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.
Robert Tansley, Partner of CIC, said: “We would like to congratulate CMR Surgical on the fantastic progress it has made which has allowed this successful Series C fundraise, the size of which is testament to the huge potential of its Versius system. CIC’s investment strategy is to build high growth companies with differentiated, innovative technology within Cambridge. CMR is a great example of the high-quality science and technology coupled with strong ambition, present in the world-class Cambridge ecosystem.”
Martin Frost, Chief Executive Officer of CMR Surgical, added: “We are delighted with the level of interest and support we have received from both new and existing investors. This is a really exciting time for CMR, having already completed a series of surgical procedures using Versius in a clinical trial, and we are on the verge of the commercial launch of the Versius system. We are strongly positioned to transform the global market of minimal access surgery, making it more accessible and affordable.”