MMI (Medical Microinstruments) – a robotics company dedicated to increasing treatment options and improving clinical outcomes for patients with complex conditions – announced that it had raised $110 million in Series C financing. The funding round was led by Fidelity Management & Research Company and marks the largest-ever investment in microsurgery innovation.
The funding will support the commercialization of the Symani Surgical System in high-growth markets and continued investment in studies that generate clinical evidence and enable indication expansion. And investments will also accelerate advanced technology capabilities and enable MMI to scale its operational capabilities globally.
MMI and its existing investors – all of whom contributed to the Series C financing – see considerable opportunity for rapid growth. And the company projects the market for eligible robotic microsurgical procedures will grow from 3 million to 22 million annually by 2028, driven primarily by technological advancements and indication expansion.
The Symani Surgical System is a first-of-its-kind robotic technology that uniquely addresses the scale and complexities of microsurgery and supermicrosurgery. And by enabling surgeons to replicate the natural movements of the human hand at the micro-scale, it can expand treatment options for patients needing soft tissue, open surgical procedures like free flap reconstructions, lymphatic surgery, and trauma plantations. Plus, it is designed to help restore quality of life for more patients, accelerate the number of surgeons able to push the boundaries of complex procedures for delicate anatomy and enable hospitals to expand their open surgical programs.
MMI has raised over $200 million in funding to date. In 2022, the company closed a Series B financing round to propel growth. This funding round was allocated to help expand indications and support ongoing commercialization efforts for the Symani Surgical System in Europe, where it received a CE mark in 2019, accelerate plans to commercialize in the U.S. and Asia-Pacific and advance clinical research.
KEY QUOTES:
“Against a backdrop of plateauing investments in medical robotics, this support builds on our confidence in a new, less invasive solution for open surgery, a significant market that can benefit from the smallest wristed microinstruments. Our Symani Surgical System is uniquely positioned to expand patient access to care by accelerating the number of surgeons able to perform complex, delicate procedures. With the support of our investors, we will continue to advance our technology through a growing body of clinical evidence and expanded hospital partnerships.”
– Mark Toland, CEO of MMI
