CIC participates in CMR Surgical’s £195 million ($240 million) Series C financing

CIC participates in CMR Surgical’s £195 million ($240 million) Series C financing

Europe’s largest private financing round in the medical technology sector

Financing will fully support the global commercial scale up of the business to deliver the Versius^® surgical robotic system to hospitals around the world

17 September 2019

Cambridge Innovation Capital (CIC), the venture capital investor enabling visionaries to build global, category-leading companies in the Cambridge ecosystem, has participated in the £195 million ($240 million) Series C funding round raised by CMR Surgical, the Cambridge-based company developing, manufacturing and marketing the next-generation surgical robotic system, Versius^®. CIC was an early investor in CMR Surgical having first invested in the company’s Series A round in 2016. It has continued to provide financial support and guidance, enabling the realisation of the potential of the Versius^® system.

The proceeds will be used to drive the next stage of CMR Surgical’s growth, including the planned commercialisation of its Versius^® system whilst supporting continued research and development, manufacturing and expansion. CMR Surgical is expected to launch in hospitals across Europe and Asia imminently with further international expansion expected thereafter.

Biomimicking the human arm, the Versius^® system provides dexterity and precision to surgeons. In addition, the versatility and affordability of the system means it can be used across a wide range of minimal access surgery (MAS). CMR Surgical aims to make MAS universally accessible, rapidly increasing the number of robotic-assisted procedures that take place globally.

Robert Tansley, Partner of CIC, said: “We would like to congratulate CMR Surgical on the fantastic progress that it has made which has allowed this successful Series C fundraise, the size of which is testament to the huge potential of its Versius system. CIC’s investment strategy is to build high-growth companies with differentiated, innovative technology within Cambridge and CMR is a great example of the high-quality science and technology coupled with strong ambition, present in the world-class Cambridge ecosystem.”

Martin Frost, Chief Executive Officer of CMR Surgical, added: “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.”

- ENDS –

About Cambridge Innovation Capital plc

Cambridge Innovation Capital (CIC) is a venture capital investor focused on intellectual property rich technology and life science businesses in the Cambridge ecosystem. CIC is committed to building leading businesses from brilliant technologies. It combines a unique relationship with the University of Cambridge with deep financial and industry links to support these businesses as they seek to fulfil their potential to change the world of tomorrow.

For more information please visit www.cicplc.co.uk or follow us on Twitter at @CIC_vc

About CMR Surgical Limited

CMR Surgical is a British private limited company developing the next-generation universal robotic system, Versius^®, for minimal access surgery. The company received the European CE Mark in March 2019 for the Versius^® Surgical Robotic System.

The vision behind CMR Surgical is to make minimal access surgery universally accessible and affordable, transforming the existing market for surgical robotics while also addressing the six million people who still undergo open surgery each year.

Global annual revenues for robot-assisted minimal access surgery are presently approximately $4 billion and are anticipated to reach $20 billion by 2025.

CMR Surgical, formed in 2014, has its headquarters in Cambridge, United Kingdom and is backed by an international shareholder base of specialist and generalist investors.

The Company achieved the registration of its Quality Management System to ISO 13485:2016 by Underwriters Laboratories LLC^® (UL), and the status as a UL Registered Firm, in September 2015.

For further information, please visit www.cmrsurgical.com
    

For more information please contact: