Cambridge Medical Robotics announces that it has raised $20.3 million for developing a next-generation robotic system for universal minimal access surgery.A funding round from new financial investor including Cambridge Innovation Capital,LGT Global Invest and ABB Technology Ventures.
Following the successful start of clinical cadaveric trials will empower CMR to proceed on its way towards turning into a global medical device manufacturer.Specifically, the proceeds will be used to progress development and commercialisation of its medical robotic technology, and to expand the team in preparation for regulatory approval.
Martin Frost, CEO of CMR, said: “I’m delighted to announce the support and endorsement of these leading international investors. The financing enables us to increase our engagement with our target market and prepare for commercialisation. We welcome the decision of ABB, a global leader in robotics, to cooperate with CMR in areas ranging from component sourcing to manufacturing as we now enter a critical phase in production and commercialisation.”
Reynir Indahl, the Chairman of CMR, added: “This funding round is a transformative milestone as CMR, with positive results from recent preliminary cadaveric trials, seeks to be among the first to market with a fully versatile, affordable system expanding the range of procedures beyond that which are presently performed robotically.”
Dr Robert Tansley of CIC added: “Cambridge is recognised as a world-class cluster for both life sciences and technology. We are very excited to support a next-generation leader in the rapidly expanding field of surgical robotics.”