Cambridge-based CMR Surgical, a global surgical robotics company, today announced the successful closing of a financing round of over €185 million through a combination of equity and debt capital to support the company’s growth plans.
The fundraising, which was supported by all of the Company’s existing major investors, includes a new debt investment from Trinity Capital, with Armentum Partners acting as CMR’s financial advisor on the debt financing.
CMR will use the funds to accelerate commercial expansion of the Versius Surgical Robotic System to more hospitals around the world – with a major focus on launching Versius in the United States – and to continue advancing surgical robotics innovation and product development, including the launch of the newly enhanced Versius Plus.
Massimiliano Colella, Chief Executive Officer at CMR Surgical, commented: “CMR is a competitive, well-established company with a transformative product providing clear clinical value. We are now at a pivotal stage, poised to capitalise on significant opportunities for market expansion, including in the U.S., while continuing to penetrate deeper into existing markets.
“I would like to give thanks to our CFO, Andre Nel, and the team for securing this financing to provide the foundation for realising our strategic vision of making robotic assisted surgery accessible to all patients who need it whilst accelerating future product development. I would also like to thank our investors for their continued support and look forward to delivering sustainable growth and life-changing solutions to the global healthcare community.“
Founded in 2014, CMR is a global medical devices company dedicated to transforming surgery with Versius, their next-generation surgical robot. CMR’s mission is to work with surgeons, surgical teams and hospital partners, to provide an optimal tool to make robotic minimal access surgery universally accessible and affordable.
Versius fits into “virtually any operating room set-up” and integrates into existing workflows, increasing the likelihood of robotic minimal access surgery (MAS). The small, portable and modular design of Versius allows the surgeon to only use the number of arms needed for a given procedure.
Biomimicking the human arm, Versius gives surgeons the choice of optimised port placement alongside the dexterity and accuracy of small fully-wristed instruments. With 3D HD vision, easy-to adopt instrument control and a choice of ergonomic working positions, the open surgeon console has the potential to reduce stress and fatigue and allows for clear communication with the surgical team.
But, according to CMR, it’s more than just a robot.
Versius captures meaningful data with its wider digital ecosystem to support a surgeon’s continuous learning. Through the Versius Connect app, Versius Trainer and CMR clinical registry, Versius unleashes a wealth of insights to ultimately improve surgical care.
UK Science Minister and Oxford Cambridge Corridor Champion, Lord Vallance said: “This successful funding round of more than $200 million is a clear vote of confidence in the company, the potential of surgical robotics, and in the UK’s life science ecosystem, which continues to produce innovative companies at an impressive rate.
“We will continue to back world-class innovation and companies like CMR Surgical as they realise their global ambitions and support the creation of high-quality jobs in the UK.”
Versius, reportedly the second most utilised soft tissue surgical robot in the world, has been used to complete more than 30,000 surgical cases globally in more than 30 different countries across a wide range of specialities including colorectal, general, gynaecology, thoracic and urology surgeries.
The increase in Versius installations has been fuelled by increasing adoption of surgical robotics and is a testament to the versatility of CMR’s system and its strong market differentiation.
CMR is also actively expanding its clinical footprint with two ongoing clinical trials: a pioneering paediatrics study, which is the world’s first multicentre prospective trial on the use of Versius in paediatric surgery, and a transoral robotic surgery (TORS) trial.
Rob Lake, Senior Managing Director, Life Sciences at Trinity Capital, added: “Trinity Capital is excited to partner with CMR Surgical at this important juncture. CMR has established itself as a trailblazer in surgical robotics, with Versius already proving its value to surgeons and patients worldwide. We are confident in CMR’s vision and leadership, and our investment reflects our belief that Versius will continue to drive a new era in minimally invasive surgery. We look forward to supporting CMR as it continues to scale and transform surgical care on a global level.”
Dan Moore, Non-Executive Chairman at CMR Surgical, added: “The recent funding is a strong vote of confidence in the future of surgical robotics and in CMR as a leader within this space. This investment is a significant endorsement of Max and his leadership team and provides them with the resources needed to execute on their strategic plan. We are pleased to have the continued support of our investors as we embark on this next phase of growth.”
