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CMR Surgical secures USD 600 Mn in Softbank Vision-led Series D funding

Author : Pankaj Singh | Published Date : 2021-06-29 

Reportedly, CMR Surgical has raised USD 600 million in a Series D funding round that was led by Softbank Vision Fund 2, now valuing the company at USD 3 billion. The Japanese financial conglomerate’s second-largest venture capital vehicle has allocated around USD 30 billion for fundraising.

For the unversed, the U.K.-based robotics startup CMR Surgical was founded in 2014 is headquartered in Cambridge. The medical technology company is based in Impington with its flagship product as Versius, the robotic surgery system which was launched in 2019.

CMR is set to utilize the fresh funds for commercializing its first product, Versius, which essentially helps surgeons streamline procedures by providing multiple robotic. At least half of the operations performed at Versius today include rectal, colon, and hysterectomy surgeries.

For a while, several hospitals in U.S., India, Europe, Middle East, and Australia have been utilizing CMR’s surgical platform. The funding will also benefit the company to expand augment its research and development activities by adding more digital information as well as data processing to its robotic system.

CMR aims to grow its workforce to 1800 from 700 by the year 2025, according to the CEO Per Vegard Nerseth. He added that the company is anticipated to own an installed base of over a thousand Versius systems by the same period.

Nerseth believes that the latest capital injection will help in promoting technological innovation as well as global expansion. He further hinted that IPOs might be an option for the company but declined to disclose the sales of CMR.

Meanwhile, Softbank Managing Partner Yanni Pipilis reportedly said that surgeons and patients are rapidly adopting minimally invasive robotic surgery, but the high cost might hamper the adoption.

According to CMR Surgical, the estimated sales of surgical robots of CMR have been valued at USD 5 billion as of 2021, especially in North America which has witnessed a 20% increase in annual sales.

Source: https://californianewstimes.com/uk-surgical-robotics-start-up-cmr-raises-600m-at-3bn-valuation/415912/

 

About Author

Pankaj Singh

Pankaj Singh

Endowed with a post graduate degree in management and finance, Pankaj Singh has been a part of the online content domain for quite a while. Having worked previously as a U.K. insurance underwriter for two years, he now writes articles for fractovia.org and other online portals. He can be contacted at- [email protected] | https://twitter.com/PankajSingh2605

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