CMR Surgical raises $600 million in Series D financing

CMR Surgical raises $600 million in Series D financing

• Funding fully supports the accelerated continued global expansion and commercial scale up of the business
• Financing round led by SoftBank Vision Fund 2 and co-led by Ally Bridge Group
• The largest ever MedTech private financing round worldwide to help bring Versius® to hospitals around the worldⁱ

CAMBRIDGE, UK – 28 June 2021, 07:01 (BST). CMR Surgical (CMR or “the Company”), a global surgical robotics business, today announces that it has raised $600 million (£425 million) in a Series D financing. The round was led by SoftBank Vision Fund 2ⁱⁱ and co-led by Ally Bridge Group and will support the Company’s mission to make keyhole surgery accessible to more people worldwide. The funds will be used to increase the global commercialisation of Versius^®, CMR’s next-generation surgical robotic system, and further develop its digital ecosystem.

CMR works with surgeons and hospitals to provide an optimal tool to make robotic keyhole surgery universally accessible and affordable. Versius’ size, portability and versatility have made it very popular with hospitals and surgeons around the world. As part of CMR’s ongoing international expansion, Versius has been successfully launched in multiple geographies worldwide including across Europe, Australia, India and the Middle East. Global demand for CMR’s surgical robot continues to grow with significant further momentum anticipated.

The Series D secures the financing to fully execute CMR’s strategy to rapidly accelerate its geographical expansion and builds upon the framework the Company has established to grow a long-term independent global business. The new funds also support the continued development of the system’s digital framework, including new technological developments such as Versius Connect, an app for surgeons using the Versius surgical robotic system.

In addition to SoftBank Vision Fund 2 and Ally Bridge Group, the financing was supported by other new international investors including RPMI Railpen, Tencent and Chimera, broadening the geographic scope of the shareholder base. Existing investors, including LGT and its affiliate impact investing platform Lightrock, Watrium, Cambridge Innovation Capital, PFM Health Sciences and GE Healthcare, also participated in the round.

Per Vegard Nerseth, Chief Executive Officer of CMR, commented: “This latest financing equips CMR with significant funds to accelerate our mission of bringing Versius to hospitals worldwide, whilst providing full flexibility to achieve our goals. This major injection of capital that now values us at $3billion not only reflects the level of interest we have seen in our product, but also the scale of the business, and will enable significant technology developments and global expansion. As the lead investor, SoftBank has a wealth of experience supporting disruptive business models and innovative technologies, and we look forward to leveraging their expertise and extensive ecosystem. I would also like to thank our existing investors for their long-term support.”

Yanni Pipilis, Managing Partner for SoftBank Investment Advisers, commented: “Demand for minimally invasive robotic surgery is growing rapidly among surgeons and patients yet high costs have historically hindered adoption. CMR Surgical is transforming surgical robotics to convert underpenetrated open & laparoscopic procedures in new international markets where robotic surgeries are less prevalent such as India, the Middle East and Latin America. We look forward to working with CMR in its mission to make robotic keyhole surgery available to everyone.”

Charles Chon, Partner and Head of MedTech, Ally Bridge Group, said: “As life science-dedicated specialists and active investors in surgical robotics, we believe the user-friendliness and cost-effectiveness of the Versius system allows a meaningfully differentiated robotic experience that democratizes robotic surgery both procedurally and geographically. We are proud to support CMR as a hallmark of UK innovation and a solution for all surgeons and their patients.”

J.P. Morgan acted as sole placement agent on CMR Surgical’s Series D financing.

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Media Contacts:

If you wish to see more, please contact CMR Surgical at:

Press Office, CMR Surgical
T +44(0) 1223 755801
E pressoffice@cmrsurgical.com

Mary-Jane Elliott / Angela Gray / Lindsey Neville
Consilium Strategic Communications
T +44 (0)20 3709 5700
E cmr@consilium-comms.com

Notes to Editors:

The Versius Surgical Robotic System

Versius^® resets expectations of robotic surgery. Versius fits into virtually any operating room set-up and integrates seamlessly into existing workflows, increasing the likelihood of robotic minimal access surgery (MAS). The portable and modular design of Versius allows the surgeon to only use the number of arms needed for a given procedure.

Biomimicking the human arm, Versius gives surgeons the choice of optimised port placement alongside the dexterity and accuracy of small fully-wristed instruments. With 3D HD vision, easy-to adopt instrument control and a choice of ergonomic working positions, the open surgeon console has the potential to reduce stress and fatigue and allows for clear communication with the surgical team. By thinking laparoscopically and operating robotically with Versius, patients, surgeons and healthcare professionals can all benefit from the value that robotic MAS brings.

But it’s more than just a robot. Versius captures meaningful data with its wider digital ecosystem to support a surgeon’s continuous learning. Through the Versius Connect app, Versius Trainer and CMR clinical registry, Versius unleashes a wealth of insights to ultimately improve surgical care.

About CMR Surgical Limited

CMR Surgical (CMR) is a global medical devices company dedicated to transforming surgery with Versius^®, a next-generation surgical robot.

Headquartered in Cambridge, United Kingdom, CMR is committed to working with surgeons, surgical teams and hospital partners, to provide an optimal tool to make robotic minimal access surgery universally accessible and affordable. With Versius, we are on a mission to redefine the surgical robotics market with practical, innovative technology and data that can improve surgical care.

Founded in 2014, CMR Surgical is a private limited company backed by an international shareholder base.

ⁱ PitchBook, May-21
ⁱⁱ  As of the date of this press release, SoftBank Group Corp. has made capital contributions to allow investments by SoftBank Vision Fund 2 (“SVF 2”) in certain portfolio companies. The information included herein is made for informational purposes only and does not constitute an offer to sell or a solicitation of an offer to buy limited partnership interests in any fund, including SVF 2. SVF 2 has yet to have an external close, and any potential third-party investors shall receive additional information related to any SVF 2 investments prior to closing.