Paris-based Ganymed Robotics, a developer of computer vision software and robotics technologies for orthopaedic surgeons, announced on Wednesday that it has secured €15M in an extended Series B round of funding.
The Fund of the European Innovation Council, through its Accelerator Program and Cap Horn, invested €14M. Additionally, the French national investment bank – Bpifrance, extended a €1M loan.
The latest round brings the total Series B funding to €36M. The announcement comes seven months after raising €21M in a Series B round in July 2022 led by Cathay Health.
The French company will deploy the funds towards developing Ganymed Robotics’ surgical robotic assistant for knee arthroplasty (TKA), accelerate regulatory and market access activities, and diversify the product pipeline.
“Welcoming such highly valuable investors a few months after an oversubscribed Series B first close puts us in an extremely solid position amid a worldwide financing crunch for start-ups. We now have the resources and expertise to bring our unique patented technology to market, to become the standard of care for joint replacement,” says Sophie Cahen, CEO and co-founder of Ganymed Robotics.
Ganymed Robotics: What you need to know
Founded by Sophie Cahen in 2018, Ganymed Robotics is developing the next generation of robotic assistance technologies for orthopaedic surgery.
The company aims to improve patient outcomes, surgeon experience, and overall efficiency of care delivery for its target indications.
Ganymed Robotics’ first application is a co-manipulated surgical robotic assistant for total knee arthroplasty (TKA). According to the company, this device is the first compact, intuitive robot fully integrated into the workflow and simplifies and increases the accuracy of orthopaedics.
The company plans to deploy its technology to address other orthopaedics indications in the upcoming months.
Ganymed Robotics has also developed a robot-with-eyes platform that enhances surgeons’ ability to see beyond the naked eye and execute the “perfect” gesture.
The company’s custom-designed co-manipulated arm embarks a wide range of multimodal sensors to perceive and interpret the surgical scene in an actionable manner.
“Robotic assistance, with image guidance and clinical decision tools, will be pivotal to push the limits of what can be achieved surgically and, even more important, to offer quality care to everyone, everywhere, in the context of a worldwide shortage of medical expertise and staff. Ganymed Robotics, with its proprietary intuitive technology and highly talented team, is uniquely positioned to win on both aspects in the field of joint replacement,” says Michel Therin, DVM, Ph.D., Chairman of Ganymed Robotics’ Board.
Investors
The European Innovation Council (EIC) Fund from the European Commission (EC) is an agnostic fund. It invests across all technologies, verticals, and EU countries and countries associated with Horizon Europe.
Cap Horn is a Paris-based VC firm that invests in innovative companies across Europe, focusing on Healthtech, Sustainability, and Enterprise software. The VC commits investments from €1M to €15M in high-growth companies, from early to late stage.
Bpifrance is a French national investment bank that finances businesses – at every stage of their development – through loans, guarantees, equity investments, and export insurance.
