UK-based CMR Surgical raises $600M in funding at $3B valuation from SoftBank, Tencent, others

Cambridge, UK-based CMR Surgical is a company that develops surgical robotic systems for minimal access surgery. In a recent development, the company announced that it has raised $600M in its Series D round of funding. 

With the raised capital, CMR is now valued at $3B.

Series D investors

The round was led by SoftBank Vision Fund 2 and co-led by Ally Bridge Group – a Hong Kong-based investment group.

Besides, the Series D round also saw participation from investors including RPMI Railpen, Tencent, and Chimera. Also, existing investors, including LGT and its affiliate impact investing platform Lightrock, Watrium, Cambridge Innovation Capital, PFM Health Sciences and GE Healthcare, also invested in the round. 

How will the funds be used?

The raised capital will help CMR to increase the commercialisation of its product ‘Versius’, a next-gen surgical robotic system.

Additionally, the funds will also support the continued development of the system’s digital framework, including new technological developments such as Versius Connect, an app for surgeons using the ‘Versius’ surgical robotic system. 

Speaking about the funding round, Per Vegard Nerseth, CEO of CMR, says, “This latest financing equips CMR with significant funds to accelerate our mission of bringing Versius to hospitals worldwide, while providing full flexibility to achieve our goals. This major injection of capital that now values us at $3 billion 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.” 

CMR aims to make keyhole surgery accessible to more people

The company was founded in 2014 by Luke Hares, Mark Slack, and Martin Frost, and is currently led by CEO Per Vegard Nerseth. 

CMR is focused on bringing a paradigm shift in the field of robotic-assisted surgery with ‘Versius’, which is its next-generation tool designed to fit seamlessly into the operating rooms and work in harmony with the surgeons.

The company says it offers surgeons and hospitals Versius – an optimal tool with size, portability, and versatility that makes robotic keyhole surgery universally accessible and affordable. “With Versius, we are on a mission to redefine the surgical robotics market with practical, innovative technology and data that can improve surgical care.”

With the current expansion plan, Versius has been launched in geographies, including across Europe, Australia, India, and the Middle East. Also, CMR reported that the global demand for its surgical robot continues to grow with significant further momentum anticipated.

Yanni Pipilis, Managing Partner for SoftBank Investment Advisers, explains, “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 & laparoscopic procedures in new international markets where robotic surgeries are less prevalent such as India, the Middle East and Latin America.” 

The Versius Surgical Robotic System

Versius is said to fit into virtually any operating room set-up and integrates seamlessly into existing workflows, increasing the likelihood of robotic minimal access surgery (MAS). The portable and modular design of Versius allows the surgeon to only use the number of arms needed for a given procedure.

In addition, Versius also provides surgeons with an optimised port placement alongside the dexterity and accuracy of small fully-wristed instruments. With 3D HD vision, easy-to-adopt instrument control and a choice of ergonomic working positions, the open surgeon console has the potential to reduce stress and fatigue and allows for clear communication with the surgical team.

CRM believes with Versius, patients, surgeons, and healthcare professionals can all benefit from the value that robotic MAS brings. “But it’s more than just a robot. Versius captures meaningful data with its wider digital ecosystem to support a surgeon’s continuous learning,” stated the company. 

Through the Versius Connect app, Versius Trainer, and CMR clinical registry, Versius offers a wealth of insights to improve surgical care.