Caira Surgical Raises $5 Million In Series Seed Financing

By Dan Anderson ● Jan 13, 2022
  • Caira Surgical recently announced it raised a $5 million seed capital round. These are the details.

Caira Surgical recently announced it raised a $5 million seed capital round as part of an oversubscribed series seed financing that closed last month. Caira’s investor syndicate includes smart money venture and strategic MedTech investors.

Caira’s proprietary technology is seeking to revolutionize the usability, safety, and accessibility of advanced surgical navigation and robotics for orthopedic surgery. And the company’s first product is a breakthrough sub-millimeter-accurate radar tracking system for knee replacement surgery. This system utilizes advanced radar technologies to overcome line-of-sight interference and eliminate invasive surgical hardware and high-cost, large footprint capital equipment inherent with incumbent surgical tracking systems.

The series seed investors include a leading OUS Strategic and several MedTech venture funds. And these include U.S.-based Mountain State Capital; Amsterdam-based Snowboat BV, a Dutch fund formed by the founders of Avania Clinical (previously Factory-CRO); and Grenoble, France-based Haventure, founded by Stephane Lavallee, Ph.D. Dr. Lavallee is also the Founder of the surgical robotics company eCentenial. Previously, Dr. Lavallee had founded a surgical technology company, Orthotaxy, which was acquired by Johnson & Johnson Medical Devices Companies, through French affiliate Apsis S.A.S. in 2018.

Caira’s previous funding included a pre-seed Friends & Family financing closed in 2020. And the company received a National Science Foundation Small Business Technology Transfer Grant for $256,000 to research and develop novel radar-based tracking for navigation and robotics in orthopedic surgery.

Caira’s sizeable addressable market for navigated and robotic technology for joint replacement totaled $5.1 billion in 2019, projected to grow to over $13 billion by 2030.

KEY QUOTES:

“We’re thrilled to achieve this funding milestone in partnership with our industry-savvy investors. The series seed funding enables Caira to continue developing our breakthrough technology and positively impact orthopedic surgery and patient welfare. Additionally, the composition, commitment, and enthusiasm of our investor syndicate ensure that Caira will have continued access to the funding and resources necessary to realize our technology vision and meet our commercial objectives.” 

— Jon Greenwald, Co-Founder & CEO of Caira Surgical