Ganymed Robotics, a developer of advanced robotic solutions for orthopedic surgeons, has announced that it has secured a €2.5M grant through the European Innovation Council (EIC) Accelerator program.
The French company is one of 65 companies selected from over 2000 applicants by the European program EIC Accelerator.
The EIC Accelerator program supports individual Small and Medium Enterprises (SMEs), in particular, startups and spinout companies to develop and scale up ground-breaking innovations.
It provides financial support with grant funding of up to €2.5M for innovation development costs and investments of up to €15M managed by the EIC Fund.
In addition, EIC selected companies also receive coaching, mentoring, access to investors and corporates, and other opportunities.
The funds will allow Ganymed Robotics to accelerate the development of its next-generation surgical robot for orthopedics.
The demand for orthopedic surgery is skyrocketing and the market for TKA (Total Knee Arthroplasty) is expected to rise from 2.4M procedures in 2021 to 5.7M in 2030 in the OECD.
Capitalising on the opportunity, the Paris-based company aims to cement its position as a global category leader in surgical orthopedics robotics by the end of the decade.
Sophie Cahen, CEO of Ganymed Robotics, says “We are thrilled by EIC Accelerator’s support which validates the high potential of Ganymed’s technology and comes as a strong recognition of the major milestones Ganymed has achieved so far. We are now in a solid position to accelerate the development of our unique, patented technology platform to bring more intelligence and efficiency into the operating room and become the new standard of care for joint replacement.”
Next-gen robotic assistance
Ganymed Robotics says 95 per cent of orthopedic surgeries are performed without technological assistance, resulting in sub-optimal outcomes. In fact, patient dissatisfaction rate is above 20 per cent.
In a bid to improve the patient outcomes for patients, surgeon experience, and overall efficiency of care delivery, Ganymed Robotics is developing the next generation of robotic assistance technologies for orthopaedic surgery.
Headquartered in Paris, Ganymed Robotics develops a proprietary technology platform combining computer vision, a branch of Artificial Intelligence, and mechatronics, in collaboration with expert clinicians and advisors.
The company’s first application is a robotic surgical assistant for total knee arthroplasties (TKA).
Clinical trials, patents, and management
Ganymed Robotics launched a clinical trial in September 2021 to validate its proprietary algorithms and collect unique vivo data, enabling new opportunities for AI-assisted surgery. To date, 50 patients already enrolled, with 36 more to come, claims the company.
The company obtained a patent in the US and has five more pending patents. The company intends to deploy its technology to address several other orthopaedics indications in the future.
Recently, the French company appointed the former Global R&D Director at ZimmerBiomet Michel Vernizeau as Vice President of R&D. Two top international orthopedic surgeons also personally invested in the company. However, the company didn’t disclose their names.