CMR Surgical, a UK robotic surgery company, has raised $165mn in funding from investors such as Japan’s SoftBank. The money will be used to expand the group globally. As more surgeons adopt technology in operating rooms.
CMR Surgical, the UK’s largest privately-held medtech firm, raised its last money in 2021 . The injection was $600mn and valued at $3bn. The valuation hasn’t changed since then.
The popularity of robotic surgery is steadily increasing, thanks to the technological advancements and a growing demand for minimally invasive procedures. Robots are able to perform surgery with smaller incisions.
Supratim Bose who became chief executive officer in March said that robotic surgery reduces pain and recovery times and that the company is “determined that minimal access surgery should be available to patients all over the world”.
According to the company, the global market for soft tissue robotic assisted surgery is worth more than $7bn per year and is growing by over 15% a year. Bose stated that robotic surgery only makes up 3-4 percent of all surgeries, but the sector offers “great opportunities”.
He said CMR Surgical is trying to disrupt a “market that has been almost a monopoly” for nearly two decades, with California-based Intuitive Surgical controlling about 80 percent of the market.
Since its launch in 2019, CMR Surgical’s Versius System has been used in more than 20 different countries to perform over 15,000 surgical procedures. Bose stated, “We are convinced that our vision is very strong and unique.”
Versius is capable of performing more than 130 surgical procedures, ranging from hernia repair to hysterectomy, in seven different surgical specialties. The system also collects information on the operations that can be used to provide additional information for surgeons and help improve the design of the system.
The Cambridge-headquartered company has its manufacturing facility just outside the university city. Bose stated that the UK needs to reform tax to help innovative businesses.
Per Vegard Nerseth, former CEO of CMR Surgical, warned the then UK Prime Minister Boris Johnson last year that the UK could lose manufacturing investments if it did not offer more incentives.
Bose stated that the initial funding round had been increased due to a strong demand within the company. Ally Bridge Group and Cambridge Innovation Capital were among the major investors in the fundraising.
CMR Surgical plans to invest the funds in improving its product, and to increase its commercial capability to continue to grow its market share.
Bose stated that “our investors have shown such a great deal of interest and support for us that it indicates better things will come over time.”
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