Microsurgery devicemaker Medical Microinstruments captures $24.5M in series A funding

Medical Microinstruments' robotic system currently under development. (MMI photo)

Medical Microinstruments, an Italian devicemaker focused on microsurgery, captured €20 million ($24.5 million) in series A financing the company said will be used to develop its robotic system for microsurgery.

The round of fundraising was led by Andera Partners, which is the former Edmond de Rothschild Investment Partners. Also participating were Panakes Partners, Fountain Healthcare and Sambatech. Gus Castello, a former SVP at robotic surgery giant Intuitive Surgical, and John Engels, founder of AxoGen, also participated.

MMI is developing a teleoperated robotic platform for suturing in open surgery with “wristed” microinstruments that offer surgeons motion scaling and tremor elimination. The system is still in the investigational stage.

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As part of the funding round, Olivier Litzka of Andera Partners, Alessio Beverina of Panakes, Justin Lynch of Fountain, Fabrizio Landi, former CEO and founder of Esaote, Castello and Engels have been named to MMI’s board.

"We are thrilled to have an outstanding group of investors and successful medtech experts supporting the next phase of development of the company and to address together a market opportunity that exceeds $2.5 billion annually,” Giuseppe M. Prisco, MMI’s chief executive, said in a statement. “The round aims at completing product and clinical development, obtaining the CE mark and launching in European markets.”

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