Cambridge Medical Robotics Secures $20.3 Million in Series A Financing

Cambridge Medical Robotics Ltd., a private company developing a next-generation robotic system for universal minimal access surgery, has secured $20.3 million in a Series A funding round from new investors including ABB Technology Ventures (‘ABB’), LGT Global Invest (‘LGT’) and Cambridge Innovation Capital (‘CIC’).
 
Following the successful start of clinical cadaveric trials in June 2016, investment proceeds will enable CMR to continue on its path towards becoming a global medical device manufacturer. Specifically, the proceeds will be used to progress development and commercialization of its medical robotic technology, and to expand the team in preparation for regulatory approval.

“I’m delighted to announce the support and endorsement of these leading international investors. The financing enables us to increase our engagement with our target market and prepare for commercialisation. We welcome the decision of ABB, a global leader in robotics, to cooperate with CMR in areas ranging from component sourcing to manufacturing as we now enter a critical phase in production and commercialization,” said Martin Frost, CEO of CMR.

In association with the financing, CMR has appointed to its Board of Directors, Dr. Robert Tansley of CIC, Massimo Muzzi of ABB and Egor Kulkov of existing investor Escala Capital.
 
“This funding round is a transformative milestone as CMR, with positive results from recent preliminary cadaveric trials, seeks to be among the first to market with a fully versatile, affordable system expanding the range of procedures beyond that which are presently performed robotically,” noted Reynir Indahl, chairman of CMR.
 
“ABB invests in CMR as the company has what looks to be the next-generation platform for minimal access surgery, a field with an enormous potential given today’s expanding needs in the health care industry. Furthermore, CMR’s technologies can have even wider application as the robotic world moves toward fully versatile, collaborative robotic systems,” said Girish Nadkarni, president of ABB Technology Ventures.
 
“CMR is typical of the sort of Cambridge-based innovative businesses that we seek to support: in its case leveraging its cross-disciplinary networks to revolutionize the area of surgical robotics. We are very excited to support a next-generation leader in the rapidly expanding field of surgical robotics,” Tansley added.
 
Mooreland Partners LLP acted as exclusive financial advisor to the Cambridge Medical Robotics.

Cambridge Medical Robotics was formed in 2014 and is headquartered in Cambridge, United Kingdom.
 
LGT is an international private banking and asset management group that has been fully controlled by the Liechtenstein Princely family for more than 80 years. LGT employs over 2,200 people who work out of more than 20 locations in Europe, the Americas, Asia and the Middle East.
 
ABB Technology Ventures (ATV) is the strategic venture capital investment arm of ABB. ATV has invested over $150 million into high potential industrial technology and energy companies aligned with ABB’s mission of improving the efficiency, productivity and quality of its customers’ operations while minimizing environmental impact.
 
Cambridge Innovation Capital invests in intellectual property rich companies in the Cambridge Cluster, combining a unique relationship with the University of Cambridge with deep financial and industry links to the area. CIC is backed by long term institutional and strategic investors such as Invesco Perpetual, Lansdowne, University of Cambridge Endowment Fund, IP Group and ARM.