By ET Bureau - July 07, 2022 3 Mins Read
Ganymed Robotics, a developer of computer vision software and robotics technologies for orthopedic surgeons, announced it has raised €21 million in the oversubscribed first close of its Series B funding. The round was led by Cathay Health, with participation of Credit Mutuel Innovation, Kurma Partners, BNP Paribas Développement and internationally renowned surgeons.
– Support Ganymed’s expansion in France and in the United States;
– Finalize the industrial development of its surgical robotic assistant for knee arthroplasty (TKA);
– Accelerate regulatory and marketing developments across geographies;
– Diversify the innovation product pipeline.
Since inception in 2018, Ganymed Robotics has experienced a rapid growth. In collaboration with world-class clinicians, it has validated its proprietary algorithms and collected unique in vivo data via a 100-patient observational study, successfully completed functional prototype tests, initiated industrialization of its first device dedicated to TKA through strategic partnerships with manufacturers and secured a robust patent portfolio.
“The support of this high-profile group of investors, specialized in innovation and healthcare is a strong endorsement of the work accomplished and of our vision for the future of orthopedic surgery. We are eager to enter this new phase of growth,” says Sophie Cahen, co-founder and CEO of Ganymed Robotics. “With our unique robot-with-eyes platform, we are committed to providing all surgeons and care centers, large and small, with an easy-to-use and cost-effective solution that will radically improve patient outcome, surgeon experience and overall efficiency of joint replacement interventions.”
Ganymed Robotics’ patented technology platform transforms the way orthopedic surgeons perform in the operating room, thanks to its combination of advanced computer vision and mechatronics. The first application is a co-manipulated surgical robotic assistant for total knee arthroplasty (TKA). Ganymed’s device is the first compact and intuitive robot, fully integrated into the workflow, that simplifies and increases accuracy of orthopedics. TKA is expected to rise in OECD countries from 2.4 million procedures currently to 5.7 million in 2030. Today, 95% of orthopedic surgeries are performed without technological assistance, leading to sub-optimal outcomes; patient dissatisfaction rate is above 20%.
“We have been impressed by Ganymed’ next-generation technology. We are looking forward to working alongside such a talented team and contribute to making orthopedic surgery safer, more accessible, more surgeon-centric and ultimately more efficient for all,” says Dr. Steve Oesterle, former SVP Medicine and Technology at Medtronic, now Venture Partner at Cathay Health.
Bryan, Garnier & Co acted as exclusive financial advisor on the transaction.
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