Italian robotic surgery dev Medical Microinstruments said today it raised approximately $24.5 million (EU €20 million) to support the development of its robotic microsurgery platform.
The financing round was led by Andera Partners and joined by Panakes Partners, Fountain Healthcare, Sambatech and industry veterans Gus Castello, formerly of Intuitive Surgical (NSDQ:ISRG), and John Engels, AxoGen (NSDQ:AXGN) founder.
As part of the funding, Andera Partners’ Olivier Litzka, Panakes’ Alessio Beverina, Fountain’s Justin Lynch, Gus Castello, John Engels and former Esaote CEO Fabrizio Landi will join the company’s board of directors.
“Surgical robotics is a major trend that has yet to penetrate a number of surgical specialties beyond laparoscopy. MMI is poised to provide the first robotic product for open surgery with wristed microinstruments. We are excited to collaborate with MMI as they work to build a great company in an exciting category,” Litzka said in a prepared statement.
“MMI represents a great example of the best Italy has to offer, based on its excellence advanced robotics. MMI’s breakthrough technology will help surgeons who perform complex microsurgery with highly precise dexterity and motion, and tremor-free control,” Beverina said in prepared remarks.
Medical Microinstruments is developing a teleoperable robotic platform designed for suturing in open surgery with wristed microinstruments. The system offers motion scaling and tremor elimination and looks to facilitate existing procedures and offer the ability to perform new procedures in the microsurgery domain, the company said.
“We are thrilled to have an outstanding group of investors and successful medtech experts supporting the next phase of development of the company and to address together a market opportunity that exceeds $2.5 billion annually.” The round aims at completing product and clinical development, obtaining the CE mark and launching in European markets,” MMI CEO Giuseppe Prisco said in a press release.