University of Michigan has further supported its spinout FlexDex Surgical with an investment in a series AA round through Mints and Michigan Biomedical Venture Fund.
FlexDex Surgical, a US-based developer of minimally invasive surgical technology based on research at University of Michigan, has closed a $13m series AA round backed by the institution’s Michigan Biomedical Venture Fund and Mints vehicle, according to Surgical Robotics Technology.
Johnson & Johnson Innovation – JJDC, a subsidiary of medical product group Johnson & Johnson, and Almeda Ventures co-led the round, which also included insurance provider Hylant, Consensus Business Group, Nirvana Serial Stage Investment Partners and individuals.
FlexDex is commercialising robotics-inspired laparoscopic instruments for minimally invasive surgeries. The cash has been allocated to fund the development of its articulating needle driver for endoscopic suturing and a full suite of laparoscopic instruments with robotic functionality.
Limor Sandach of Almeda and an unnamed representative of JJDC will be appointed to the spinout’s board of directors.
FlexDex had secured $2.3m in series A funding in 2014, $5m in a 2016 series B round and $14.5m in March 2019, according to a securities filing, in each case from undisclosed investors.
