Medtech pioneer CMR Surgical raises record-breaking £192m Series C financing

CMR Surgical has raised the cash in what it describes as Europe’s largest private financing round in the medical technology sector. It is the company behind Versius, a miniature next-generation surgical robot which it believes will dramatically increase the number of minimal access surgery (MAS), or keyhole, procedures carried out around the world. The $3.7bn global robotic-assisted MAS market is growing at 19 per cent a year, and Versius is well placed to take advantage of this booming market, having carried out its first 30 successfu; in-human surgical procedures in May 2019 as part of an ongoing clinical trial.

Based just outside Cambridge, CMR will use the cash to fund the business through the planned global commercialisation of Versius while supporting continued research and development, manufacturing and expansion. The company has enjoyed rapid growth in recent years and now employs 400 people spread across four continents.

The Series C funding round was supported by existing investors in CMR: LGT, Escala Capital Investments, Cambridge Innovation Capital, Watrium, and Zhejiang Silk Road Fund as well as new US investors with deep sector knowledge.

CMR Surgical CEO Martin Frost said: “We are delighted with the level of interest and support we have received from both new and existing investors. This is a really exciting time for CMR, having already completed a series of surgical procedures using Versius in a clinical trial, and we are on the verge of the commercial launch of the Versius system. We are strongly positioned to transform the global market of minimal access surgery, making it more accessible and affordable.”

Erik Langaker, Chairman of CMR Surgical, added: “We are pleased to welcome new US investors whose calibre and scale are reflective of the scale of CMR’s mission to transform surgery. I would also like to thank our existing investors for their long-term commitment in supporting this company to achieve its global mission. The significant capital injection in a UK scale-up reconfirms my belief that the Cambridge eco system has fostered a unique pool of diverse talents and competencies that will help drive our innovation in the years ahead. With new and existing investors onboard, CMR is well-placed to make surgical robotics accessible for all.”

Cambridge Innovation Capital, the Cambridge-based fund that invests patient capital in tech and healthcare companies within the Cambridge cluster, is the only UK institutional investor that participated in the round. It was one of CMR Surgical’s early investors, and has been backing the company through its growth journey.

Robert Tansley, partner at CIC, said: “CIC’s investment strategy is to build high- growth companies with differentiated, innovative technology within Cambridge and CMR is a great example of the high-quality science and technology coupled with strong ambition, present in the world-class Cambridge ecosystem.

“We would like to congratulate CMR Surgical on the fantastic progress that it has made which has allowed this successful Series C fundraise, the size of which is testament to the huge potential of its Versius system.”