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15 December 2017

Virtual Incision performs $18m funding procedure

The surgical robot spinout from University of Nebraska will use the series B financing, co-led by SinoPharm, to support it through its application for market clearance.

Author: Sam McCaffrey, Reporter

Virtual Incision, a US-based surgical robot developer spun out from University of Nebraska system, has raised $18m in a series B round co-led by SinoPharm Capital, the investment arm of pharmaceutical firm SinoPharm.

Venture capital firm Bluestem Capital co-led the round, which also featured PrairieGold Venture Partners and a range of undisclosed investors.

Bluestem Capital and PraireGold had previously participated in an $11.2m funding round for the company in 2015 and co-led its $2m series A round in 2010.  

Founded in 2006, Virtual Incision is developing a miniaturised robotically assisted surgical device for general surgery that is intended to help doctors perform less invasive procedures.

The robot differs from similar systems in development as it is much smaller and does not require a dedicated operating room or specialist infrastructure. The funding will be used to support the company’s application to the US Food and Drug Administration for market clearance.

The technology is based on research conducted by Dmitry Oleynikov, professor of surgery at University of Nebraska Medical Centre, and Shane Farritor, professor of engineering at University of Nebraska-Lincoln. Oleynikov now also acts as chief medical officer of the spinout.

Oleynikov said: “Virtual Incision is committed to developing a family of simpler and more cost-effective robotic options targeting multiple procedures including gallbladder removal, hernia repair, colectomy and similar abdominal surgeries.

“Our elegant technologies will help eliminate the complex and costly surgical robot options currently available, which can weigh nearly 2,000 pounds. Virtual Incision will provide minimally invasive options in a cost-effective and streamlined two-pound package.”

– A version of this article first appeared on our sister site, Global Corporate Venturing.

Supporting articles: Virtual Incision dissects $11.2m

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