Medrobotics raises $26M for Flex surgical robot

May 14, 2014 By Arezu Sarvestani

Massachusetts-based Medrobotics raised $26 million in a Series E fundraising round in support of its Flex surgical robot.

The company said it plans to use the new funds to launch commercial efforts in the U.S. and in Europe, as well as in pursuit of new regulatory bids. The company has European approval for the Flex system, but has not yet won a nod from the FDA.

Medrobotics hopes to market its endoscopic surgical robot for use in minimally invasive surgeries where doctors need to target difficult areas.

"The Flex System is the 1st robot-assisted flexible endoscopic platform for use during surgical procedures," president & CEO Samuel Straface said in prepared remarks. "It extends the capability of surgeons to look and reach around corners and operate in hard-to-reach and confined spaces."

The new financing round was joined by unnamed new investors as well as existing funders, the company said.

The Flex system won CE Mark approval in the European Union earlier this year with indication for use in otolaryngology surgery. The company has raised a lot of money over the past few years, including

a $10 million round in March 2013 and a $33.6 million round in December 2012.

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