MMI, a microsurgical robotics company that was founded in Italy and became a U.S. company in July 2022, announces that it has raised $110 million in a Series C funding round led by Fidelity Management & Research Company. The funds will be used to support the commercialization of the Symani Surgical System in high-growth markets and continued investment in studies that produce clinical evidence and enable the expansion of the application indication. In addition, the investments will accelerate the development of advanced technological capabilities and enable MMI to expand its operational capabilities globally. MMI and its current investors, who all contributed to the Series C financing, see a considerable opportunity for rapid growth. The company expects the market for suitable robotic microsurgery procedures to grow from 3 million to 22 million annually by 2028, its main drivers being technological advancements and indication expansion, MMI said in a statement. “In the context of a stabilization of investments in medical robotics, this support adds to our confidence in a new, less invasive solution for open surgery, an important market that can take advantage of the world’s smallest articulated microinstruments,” said Mark Toland, CEO of MMI. Our surgical system is uniquely positioned to expand patients’ access to care by increasing the number of surgeons who can perform complex and delicate procedures. With the support of our investors, we will continue to advance our technology through an increasing number of clinical trials and hospital agreements.” “Panakes has been proud to support MMI since 2018, when we participated in Serie A. The company has gone from being a small startup of six people with a prototype to a real company with over 200 people, of which over 150 in Pisa, with an industrialized product that has also obtained the CE mark and has been sold in several hospitals in Europe. The company now has all the resources to move to the next stage of its development: FDA approval and commercialization in the US and Asia,” Alessio Beverina, founding partner of Panakes, tells Startupbusiness.
Microsurgery Robots
The Symani Surgical System is the first robotic system of its kind that uniquely addresses the scale and complexities of microsurgery and supermicrosurgery. By allowing surgeons to reproduce the natural movements of the hands on a microscopic scale, it can expand the choice of treatments for patients who need to undergo open soft tissue procedures, such as soft tissue reconstructive surgery, lymphatic surgery, and post-trauma reimplantation. It is designed to help restore quality of life for more patients, accelerate the number of surgeons who can push the boundaries of complex procedures for delicate anatomical regions, and enable hospitals to expand their open surgery programs. To date, MMI has raised more than $200 million in funding. Funds have been allocated to facilitate the expansion of indications and support the continued commercialization of the Symani Surgical System in Europe, where it was CE marked in 2019, to accelerate commercialization plans in the U.S. and Asia-Pacific region, and to advance clinical research.
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