New Financing Shut Down by Ronovo Surgical
Medical device company Ronovo Surgical recently announced the successful shutting down of new financing, to increase its vision of cross speciality adopting of RAS (robot assisted surgery). The most recent round of financing equips Ronovo with over £50 million, which was raised since 2020. This round has encouraged continued support from its existing investors, namely Vivo Capital, GCV Capital, Matrix Partners China and Lilly Asia Ventures, and it has been led by LRI (LongRiver Investments). CEC Capital acted as the exclusive financial advisor. No longer acting under secrecy, Ronovo has unveiled its inaugural platform for robotics, called Carina. It is an innovative modular system, built with proprietary tech to enable configurative robotic assistance used for laparoscopic surgeries, spanning multiple specialities. This latest round of over-subscribed financing should increase the acceleration of Carina’s multidiscipline clinical trial, as well as strengthening R& D and the development of clinical applications. It should also bolster the company’s talent base further. Carina, developed in collaboration with highly reputable laparoscopic surgeons from China, addresses various pain points with MIS (minimally invasive surgeries), using a nimble, modular robotic solution.
Surgeons are provided with the system’s flexibility to pick the best instruments for the job, and superlative anatomical access, based upon laparoscopy foundation. Using this method, surgeons are able to leverage, as opposed to abandon, previous laparoscopic training, as well as continuing to improve their surgical performance. This allows for minimally invasive surgery to be performed robotically within an increased number of specialities, such as gynaecology, urology, general, thoracic, and others Currently, these account for up to 10 million MIS patients each year in China, handled by 120,000 laparoscopic surgeons across 10,000 plus hospitals.
“We are extremely grateful to our investors for their confidence in Ronovo’s strategy to democratize robotic surgery,” said Dr. John Ma, Founder, Chairman and CEO of Ronovo. “From inception, we have stayed true to our belief that innovation must start from an original pursuit to solve actual unmet clinical needs. Carina is designed with modular architecture to overcome the limited adoption of robotic MIS beyond urology,” said Dr. Ying Mao, Co-Founder and CTO of Ronovo.
“Thanks to the ingenuity and expertise of our talented team, we have achieved breakthrough in our core robotic technology for the Carina platform.” “We are proud to have led this round of financing in Ronovo and its innovative modular robotic platform, which will be first-to-market in China,” commented Jiang Zhang, Founder and CEO of LRI. “We are incredibly excited to partner with Ronovo to accelerate their product and clinical development, and we strongly believe in the clinical and commercial value of a modular robotic system as well as its viability for international adoption.”