CMR Surgical, a medical robotics company, has raised an additional $165 million from investors to expand its global footprint and operating theatre capabilities.
SoftBank’s Vision Fund 2 and China’s Tencent, as well as Spain’s Escala capital, participated in the round. This follows on from the $600 Million raised in 2021. This round valued the Cambridge start-up company at around $3 billion. It was the UK’s biggest private medical technology firm.
CMR developed Versius – a robot arm system controlled by a doctor using a modified PlayStation Controller. The surgeon can use the controller to manipulate small needles, scalpels, and tweezers for minimally invasive keyhole surgeries.
Increased precision leads to shorter surgeries with less complications, lower infection risks and faster recovery than normal surgery. The surgery can extend the life expectancy of surgeons who are physically exhausted by long operations.
More than 140 Versius devices have been installed in hospital in the UK, Europe and Latin America. They have also been used for more than 15,000 procedures, including colectomies and hernia repair.
The new capital will be used to fund product development as well as support the sales of new systems into new countries. CMR estimates the global market to be worth over $7 billion, and growing at 15% per year.
Intuitive Surgical of the US, founded nearly 25 years ago, also competes for market share. Its da Vinci system is used in over 70 countries, including NHS hospital in Somerset and Scotland.
Supratim Bose who became CMR’s chief executive in March said that Versius was helping more and more surgeons, patients, and hospitals. Our latest funding round allows us to reach even more people, supporting both our growth in our existing markets and expansion in new markets.
Umur Hursever is a partner of Lightrock which participated in the raising. He added: “CMR, with Versius, is one innovator that’s blazing new trails, as it democratises robot surgery, both procedurally, and geographically.”