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21 December 2012

Medrobotics powers on with $33.6m

CMU-backed Medical robotics firm Medrobotics has secured $33.6m in a series D round.

Author: Gregg Bayes-Brown, editor

US-based robotics firm Medrobotics, backed by technologies developed at Carnegie Mellon University (CMU) and the University of Pittsburgh, has secured $33.6m in series D financing from undisclosed investors.

The firm has said in a statement that the new financing will be used to prepare regulatory submissions and for commercial launches in Europe and the US.

The company is developing robotic technology to be used by surgeons. It plans to use its products to assist medical staff in complex surgeries which may be troublesome or potentially dangerous to complete with just human hands.

The latest round will bring the total raised in venture funding for the Massachusetts-based firm to $81.6m since it was spun-out from CMU in 2005 under the name Cardiorobotics, raising $53.3m over three separate rounds since 2011. Details of investors were not released for the other two rounds.

“Patients, surgeons, and hospitals will all benefit from the Flex Robotic System’s enabling minimally invasive surgical technology,” said Samuel Straface, president and chief executive officer of Medrobotics. “The Flex Robotic System will provide transoral single-site access and visualization for surgery in hard-to-reach locations in the throat and voice box. Minimally invasive surgery has been shown to be more cost-effective and less painful for the patient and also leads to quicker hospital discharge and faster recovery.”

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