CMR Surgical, a UK-based surgical robotics technology developer, has raised $600m in a series D round backed by Cambridge Innovation Capital (CIC).
The round, which valued CMR at $3bn, was co-led by telecoms group SoftBank’s Vision Fund 2 and healthcare investment group Ally Bridge.
GE Healthcare, a subsidiary of power and industrial technology conglomerate General Electric, also took part, as did internet company Tencent, RPMI Railpen, Chimera, LGT and its Lightrock affiliate, Watrium and PFM Health Sciences.
CMR is the creator of Versius, a surgical robotics system intended to make keyhole surgery possible for a significantly wider range of patients. The cash will support the commercialisation of its technology and international expansion efforts.
Per Vegard Nerseth, chief executive of CMR, said: “This latest financing equips CMR with significant funds to accelerate our mission of bringing Versius to hospitals worldwide, whilst providing full flexibility to achieve our goals.
“This major injection of capital that now values us at $3bn not only reflects the level of interest we have seen in our product, but also the scale of the business, and will enable significant technology developments and global expansion.
“As the lead investor, SoftBank has a wealth of experience supporting disruptive business models and innovative technologies, and we look forward to leveraging their expertise and extensive ecosystem. I would also like to thank our existing investors for their long-term support.”
The round boosted CMR’s overall funding to approximately $986m, including a $46m series A round featuring CIC in 2017. The series A round also featured ABB Technology Ventures, part of power and automation equipment maker ABB, Watrium, Escala Capital and LGT.
The company added $100m from CIC, Watrium, LGT and Zhejiang Silk Road Fund in a series B round the following year, before all four joined Escala Capital and undisclosed US investors in a $240m series C in 2019.
– Feature image courtesy of CMR Surgical. A version of this article first appeared on our sister site, Global Corporate Venturing.

Internet and telecommunications group SoftBank’s Vision Fund 2 co-led a $600m series D round for UK-headquartered surgical robotics technology developer CMR Surgical today with healthcare investment group Ally Bridge.

GE Healthcare, a subsidiary of power and industrial technology conglomerate General Electric, also took part in the round, which valued the company at $3bn, as did internet group Tencent.

RPMI Railpen and Chimera filled out the consortium together with existing backers including LGT and its Lightrock affiliate, Watrium, Cambridge Innovation Capital (CIC) and PFM Health Sciences.

CMR is the creator of Versius, a surgical robotics system intended to make keyhole surgery possible for a significantly wider range of patients. The cash will support the commercialisation of its technology.

Yanni Pipilis, managing partner for SoftBank Investment Advisers, which manages Vision Fund, said: “Demand for minimally invasive robotic surgery is growing rapidly among surgeons and patients yet high costs have historically hindered adoption.

“CMR Surgical is transforming surgical robotics to convert underpenetrated open and laparoscopic procedures in new international markets where robotic surgeries are less prevalent such as India, the Middle East and Latin America.”

The round boosted CMR’s overall funding to approximately $986m, $46m of that coming in a 2017 series A round featuring ABB Technology Ventures, part of power and automation equipment maker ABB, as well as CIC, Watrium, Escala Capital and LGT.

The company added $100m from CIC, Watrium, LGT and Zhejiang Silk Road Fund in a series B round the following year, before all four joined Escala Capital and undisclosed US investors in a $240m series C in 2019.

Image courtesy of CMR Surgical Ltd.