Pisa, Italy - February 21, 2024 - Medical Microinstruments, Inc. (MMI), an innovative surgical robotics company, has announced the successful closure of a $110 million Series C funding round, marking the largest investment in the field of microsurgical technology innovation to date. The investment round was led by Fidelity Management & Research Company, underscoring the growing confidence in the microsurgical market's rapid expansion.
MMI’s Series C Funding to Fuel Growth and Expansion
The newly raised capital will bolster the commercialization of MMI’s Symani® Surgical System in high-growth markets. Furthermore, it will facilitate continued investment in product development to secure clinical evidence and expand indications. The funding is also expected to accelerate the development of the company's advanced technological capabilities and enable MMI to increase its operational footprint globally.
Existing investors, alongside MMI, have contributed to the Series C financing, recognizing the substantial opportunity presented by the rapidly growing market. The company projects that the viable market for robotic microsurgery will grow from 3 million procedures annually to 22 million by 2028, driven largely by technological advancements and broader application indications.
Mark Toland, CEO of MMI, stated, "Amidst a stabilizing climate for investment in medical robotics technology, this round of funding, built on our confidence in innovative minimally invasive surgical solutions, is pivotal. Our Symani Surgical System is a game-changer in the market, benefiting from the smallest wristed microinstruments available. This unique advantage increases the number of surgeons capable of performing complex, delicate procedures, thereby expanding patient access to care. With the support of our investors, we will continue to amass clinical evidence and expand hospital partnerships to propel this technology forward."
The Symani Surgical System: A Trailblazer in Robotic Microsurgery
The Symani Surgical System employs pioneering robotic technology to address the scale and complexity of microsurgery and supermicrosurgery. The system enables surgeons to replicate the natural movements of the human hand at microscopic scales, offering improved therapeutic options for patients requiring soft tissue open surgery including free flap reconstructions, lymphatic surgeries, trauma reconstructions, and peripheral nerve repairs. The goal is to enhance patient quality of life, increase the number of surgeons who can push the boundaries of complex surgeries and provide hospitals with the opportunity to expand surgical offerings.
Since its inception, MMI has raised over $200 million in funding. In 2022, the company’s Series B round was aimed at supporting continuous growth. This funding expanded the indications for the Symani Surgical System and supported the company's commercialization efforts in Europe, where the Symani System received the CE mark in 2019. Additionally, the company is accelerating its commercial plans in the United States and the Asia-Pacific region as well as advancing clinical research.
About the Symani Surgical Robot
The Symani Surgical System is a flexible platform consisting of two robotic arms, designed for easy positioning over any anatomical area for surgery. The system’s design optimizes ease of use and setup for surgeons and surgical teams.
With a 7-20X motion scaling and tremor filtration, the system meets the demands and complexity of microsurgery and supermicrosurgery. This powerful combination allows surgeons to perform their hand movements seamlessly while connected to the proprietary NanoWrist® robotic microinstruments.
The Symani console features an ergonomic seat, surgeon-controlled robotic arms, and a foot pedal controller. While comfortably seated, the surgeon has direct control over the robotic arms as if they were using manual instruments. The console's flexibility allows it to be placed beside the patient's bed and used in conjunction with a heads-up 3D visualization system.
The NanoWrist instruments are the world’s smallest wristed surgical instruments, designed to enhance the surgeon’s natural dexterity and range of motion beyond human capability.
About MMI
Founded in 2015 in Pisa, Italy, Medical Microinstruments is dedicated to the development of robotic surgical systems. Guided by a team of seasoned investors and professionals, MMI secured €20 million (approximately 140 million RMB) in Series A funding on April 18, 2018, led by Andera Partners, with Panakes Partners and Fountain Healthcare participating. In October 2020, MMI received funding from the European Union and signed a financing agreement with the European Investment Bank (EIB) for up to €15 million (approximately 107 million RMB), earmarked for long-term development over the coming years.
For more information, please visit:https://www.mmimicro.com