Cambridge Medical Robotics closes $100m Series B

Cambridge Medical Robotics said today it closed a $100 million Series B round of funding to support commercialization of its Versius robotic surgical system.

The Series B round was joined by the newly invested Zheijiang Silk Road Fund and existing investors Escala Capital Investments, LGT, Cambridge Innovation Capital and Watrium, the Cambridge, U.K.-based company said.

Cambridge Medical Robotics said its Versius robotic platform has a design inspired by the human arm, and is intended for use in minimal access procedures. The company is engaged in preclinical trials of the device exploring the use of the system in upper gastrointestinal, gynecological, colorectal and renal surgeries.

The company said proceeds will support planned commercialization of the robotic surgical platform, including completion of validation studies as it pursues US and European regulatory clearance, an international expansion and scaling-up production in response to “considerable industry interest,” according to a press release.

“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 commercializing Versius in Europe, the USA and more broadly. The overwhelming financial backing from our existing and new 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,” CEO Martin Frost said in a press release.

Last September, Cambridge Medical Robotics added $26 million to its Series A round that it planned to use for validation studies and production of the system.

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