Cambridge Medical Robotics, a company which is developing a robotic system for minimal access surgery, has closed its Series A funding round, raising a further $26m.
The investment came from existing investors Cambridge Innovation Capital, LGT Global Invest, Escala Capital and ABB Technology Ventures, and new investor Watrium.
Together with the first tranche in July 2016, the Series A round has raised $46m in total.
CMR says it will use the proceeds to progress its surgical robotic system, Versius, through ongoing validation studies, and to start production of further systems.
The company has recently completed the latest set of cadaveric trials, demonstrating the ability of its Versius system to perform upper gastrointestinal, gynaecological, colorectal and renal surgery.
CMR says one of the unique features of the Versius system is the four-axis wrist joint incorporated within all the robotic arms.
CMR says this compact joint “mimics the dexterity of the human wrist” and, unlike other robots, enables Versius to hold a surgical instrument in the same way as a surgeon.
This means the system could be used across a wide range of minimal access procedures whilst retaining its remarkable compact and portable form.
The company says it will now progress further pre-clinical studies in support of anticipated regulatory approval and commercialisation.
Martin Frost, CEO of CMR, says: “Versius continues to demonstrate its leading position in this next generation of robotic surgery systems.
“I’m pleased to report this significant progress and thank our existing and new investors for their enthusiastic support and look forward to continuing our rapid development as we lay the foundations for producing and marketing this in-demand system.”