MMI Nets $110 Million in New Financing Round

MMI (Medical Microinstruments Inc.) has raised $110 million in a Series C financing round led by Fidelity Management & Research Company. The support is reportedly the largest ever investment in microsurgery innovation, according to MMI.
 
The funds will support commercialization of MMI’s Symani Surgical System in high-growth markets and continued investment in studies that generate clinical evidence and enable indication expansion. The investments will also accelerate advanced technology capabilities and enable MMI to scale its operational capabilities globally.
 
MMI and its existing investors, all of whom contributed to the Series C financing, expect rapid market growth for microsurgery. The company predicts eligible robotic microsurgical procedures will swell from 3 million to 22 million annually by 2028, driven primarily by technological advancements and indication expansion.
 
“Against a backdrop of plateauing investments in medical robotics, this support builds on our confidence in a new, less invasive solution for open surgery, a significant market that can benefit from the smallest wristed microinstruments,” MMI CEO Mark Toland said. “Our Symani Surgical System is positioned to expand patient access to care by accelerating the number of surgeons able to perform complex, delicate procedures. With the support of our investors, we will continue to advance our technology through a growing body of clinical evidence and expanded hospital partnerships.”
 
The Symani Surgical System is a first-of-its-kind robotic technology that addresses the scale and complexities of microsurgery and supermicrosurgery. By allowing surgeons to replicate the natural movements of the human hand at the micro scale, it can expand treatment options for patients in need of soft tissue, open surgical procedures, such as free flap reconstructions, lymphatic surgery, and trauma replantations. It is designed to help restore quality of life for more patients, accelerate the number of surgeons able to push the boundaries of complex procedures for delicate anatomy, and enable hospitals to expand their open surgical programs.
 
MMI has raised more than $200 million in funding to date. In 2022, it closed a Series B financing round to propel growth. The funding was allocated to help expand indications and support ongoing commercialization efforts for the Symani Surgical System in Europe, where it received CE mark in 2019, accelerate plans to commercialize in the United States and Asia-Pacific, and advance clinical research.

MMI aims to advance robotic technology that pushes the limits of soft tissue open surgery and opens new opportunities for surgeons to restore quality of life for patients with complex conditions. The company was founded in 2015 near Pisa, Italy, and its proprietary Symani Surgical System combines the world’s smallest wristed microinstruments with tremor-reducing and motion-scaling technologies. This surgical robotic platform for open, soft tissue micro-level surgery can help address microvascular repair, lymphatic repair, and peripheral nerve repair. The Symani System is CE Marked for commercial use in Europe. In the United States, the system is not approved or cleared for commercial use. MMI is backed by global investors including Fidelity Management & Research Company, Andera Partners, BioStar, Deerfield Management, Fountain Healthcare Partners, Panakès Partners, RA Capital, Sambatech, and Wellington Partners.