Cambridge Medical Robotics pulls in $20.3M of Series A funding

Cambridge Medical Robotics snags Series A financing for device development.

The U.K.’s Cambridge Medical Robotics, which develops robotic systems for minimally invasive surgery,  pulled in $20.3 million in Series A funding it plans to use for development of its technology.

The round of funding included investors ABB Technology Ventures, LGT Global Invest and Cambridge Innovation Capital.

As part of the new financing, Dr. Robert Tansley of Cambridge Innovation Capital, Massimo Muzzi of ABB and Egor Kulkov of existing investor Escala Capital were named to the board of directors. Mooreland Partners stood as exclusive financial adviser for the company.

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“The financing enables us to increase our engagement with our target market and prepare for commercialization,” Martin Frost, chief executive of the company, said in a statement.

Some of the funds will be used to expand Cambridge Medical’s employee base in preparation for regulatory approval.The company began clinical cadaveric trials of its technology in June.

Robotic surgery has been getting more traction in the past few years and is becoming more commonplace in specialized, minimally invasive surgeries. Players in the arena include Intuitive Surgical ($ISRG) and Stryker ($SYK).

A little more than a year ago, Johnson & Johnson ($JNJ) and Google ($GOOG) announced a partnership to create new robotic-assisted surgical platforms. 

- check out the release

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