Medical Microinstruments announced today that it raised $110 million in a Series C financing round to help commercialize its surgical robot.
Fidelity Management & Research Company led the round. Medical Microinstruments said in a news release that it marks the largest-ever investment in microsurgery innovation.
The company plans to use the funds to support the commercialization of its Symani surgical system in high-growth markets. Other uses include the continued investment in studies that generate clinical evidence and enable indication expansion. The company also expects to use funds to accelerate advanced technology capabilities to enable the scaling of global operational capabilities.
Pisa, Italy-based Medical Microinstruments’ Symani received CE mark in 2019, and the company continues to work on U.S. commercialization. It also has eyes on the Asia Pacific region. The first-of-its-kind robotic technology enables expanded adoptions for patients in need of soft tissue open surgical procedures.
The Symani system aims to address the challenges of microsurgery with its NanoWrist instruments. These instruments help to access and suture small, delicate anatomies. That includes veins, arteries, nerves and lymphatic vessels as small as 0.3mm in diameter. It provides motion scaling and tremor reduction to allow precise micro-movements.
Medical Microinstruments and its existing investors say they see “considerable opportunity” for rapid growth. All of those existing investors contributed to the Series C. The company has brought in more than $200 million in funding to date, including a $75 million Series B in 2022.
“Against a backdrop of plateauing investments in medical robotics, this support builds on our confidence in a new, less invasive solution for open surgery, a significant market that can benefit from the smallest wristed microinstruments,” said Mark Toland, CEO of MMI. “Our Symani Surgical System is uniquely positioned to expand patient access to care by accelerating the number of surgeons able to perform complex, delicate procedures.
“With the support of our investors, we will continue to advance our technology through a growing body of clinical evidence and expanded hospital partnerships.”