CMR Surgical said today that it raised some $243 million in a Series C round it plans to use to commercialize its Versius robot-assisted surgery device.
The Cambridge, U.K.-based company said the £195 million round (worth about $242.8 million) is Europe’s largest private medtech financing to date. CMR Surgical, formerly known as Cambridge Medical Robotics, said it plans to use the funds to launch Versius “imminently” in Europe and Asia, with “further international expansion expected thereafter.”
Existing backers LGT, Escala Capital Investments, Cambridge Innovation Capital, Watrium, and Zhejiang Silk Road Fund participated in the round, which also included “new U.S. investors with deep sector knowledge,” the company said.
“We are delighted with the level of interest and support we have received from both new and existing investors. This is a really exciting time for CMR, having already completed a series of surgical procedures using Versius in a clinical trial, and we are on the verge of the commercial launch of the Versius system. We are strongly positioned to transform the global market of minimal access surgery, making it more accessible and affordable,” CEO Martin Frost said in prepared remarks.
“We are pleased to welcome new U.S. investors whose calibre and scale are reflective of the scale of CMR’s mission to transform surgery. I would also like to thank our existing investors for their long-term commitment in supporting this company to achieve its global mission. The significant capital injection in a UK scale-up reconfirms my belief that the Cambridge eco system has fostered a unique pool of diverse talents and competencies that will help drive our innovation in the years ahead. With new and existing investors onboard, CMR is well- placed to make surgical robotics accessible for all,” added chairman Erik Langaker.
Morgan Stanley and Citigroup were placement agents and joint advisors on the Series C round. CMR raised a $100 million Series B round in June 2018. A Series A round in July 2016 brought in $20 million.
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