Despite its numerous benefits, including reduced recovery times and fewer complications, minimally invasive surgery (MIS) remains underutilised globally. Even in advanced healthcare systems like the U.S., only about 40% of surgeries employ MIS techniques. CMR Surgical is addressing this gap with its Versius robotic system, which aims to make MIS more accessible through a user-friendly, cost-effective solution that hospitals and surgical centers can widely adopt.
Today, this global surgical robotics company closed a financing round of more than $200 million, combining equity and debt capital to support its ambitious growth plans. The fundraising, supported by all the company’s existing major investors, includes a new debt investment from Trinity Capital, reflecting strong investor confidence in CMR’s vision. This brings the total funding to $1.4B, with a valuation of $3B as of September 2023.
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.”
CMR will use the funds to accelerate the commercial expansion of the Versius Surgical Robotic System to more hospitals worldwide, with a significant focus on launching Versius in the United States. It will also continue advancing surgical robotics innovation and product development, including launching the newly enhanced Versius Plus.
How CMR Surgical addresses the unmet needs in minimally invasive (keyhole) surgery
CMR Surgical was established in 2014 in Cambridge, UK, by five founders: Mark Slack, Luke Hares, Martin Frost, Paul Roberts, and Keith Marshall.
The founders observed that numerous patients around the globe faced barriers to accessing minimally invasive procedures due to factors like cost, complexity, and the limited acceptance of current robotic systems. They united their varied backgrounds in medical technology, engineering, and healthcare, driven by a common goal of tackling the challenges in minimally invasive surgery.
CMR Surgical’s mission is to transform surgery through the creation of innovative robotic systems that promote precise and efficient minimally invasive techniques. Their goal is to make keyhole surgery accessible to all, thereby enhancing patient outcomes and lowering healthcare costs. The company spearheads advancements in surgical robotics by delivering state-of-the-art solutions that improve patient care, support surgeons, and strengthen healthcare efficiency. They strive to establish new benchmarks for safety, precision, and accessibility in minimally invasive procedures.
Since its founding, CMR Surgical has developed the Versius Surgical Robotic System, a modular and portable solution that integrates seamlessly into operating rooms worldwide. The company has grown rapidly, achieving unicorn status with a valuation of $3 billion in 2021 and expanding its presence across over 20 countries.
Versius: the second most utilised soft tissue surgical robot in the world
Versius has been used in more than 30,000 surgical cases across 30+ countries, spanning colorectal, general, gynecology, thoracic, and urology surgeries. The rise in Versius installations reflects the growing adoption of surgical robotics and demonstrates the system’s versatility and strong market differentiation.
CMR Surgical is entering an increasingly competitive market dominated by Intuitive Surgical’s da Vinci system but faces rising challenges from Medtronic’s Hugo robot and Johnson & Johnson’s Ottava platform. Versius differentiates itself through modularity, portability, lower upfront costs, and surgeon-centric design, making it ideal for mid-sized hospitals with limited operating room space.
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.”
Looking ahead: cementing position in the MIS market
CMR is also actively expanding its clinical footprint with two ongoing clinical trials: a pioneering pediatrics study, the world’s first multicenter prospective trial on using Versius in pediatric surgery, and a transoral robotic surgery (TORS) trial, which further demonstrate Versius’s versatility and capability in new surgical applications.
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.”
UK Science Minister and Oxford Cambridge Corridor Champion, Lord Vallance said: “This successful funding round of more than $200M 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.”
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