Carnegie Mellon University spinout Blue Belt Technologies acquired by Smith & Nephew for robotics technologies.
UK-based orthopaedics firm Smith & Nephew is building its surgical robotics offering following the acquisition of US-based Blue Belt Technologies – a spinout of Carnegie Mellon University’s (CMU) Robotics Institute – for $275m.
The exit puts to rest rumours of Smith & Nephew itself being acquired by pharmaceutical firm Johnson & Johnson. Blue Belt’s acquisition will help the UK firm build up its robotic offering for orthopaedic surgery and remain competitive for the foreseeable future.
Founded in 2002, the CMU spinout has raised $41.43m in external fundraising over two rounds, the latest of which was a $40m debt financing round. Investors in its 2009 series A were not disclosed.
Oliver Bohoun, CEO of Smith & Nephew, said: “Our experience working with Blue Belt Technologies and our customer insight has convinced us that robotics will become increasingly mainstream across orthopaedic reconstruction in the foreseeable future. This acquisition is a compelling strategic move, with the combination of complementary products and R&D programs creating a platform from which we can shape this exciting new area of surgery.”
