Memic, an Israeli MedTech company, secured $96 million in Series D funding this week. The investment was led by Peregrine Ventures and Ceros, with Accelmed, OurCrowd, and private investors also participating in the round. The impressive funding round follows the company’s success in receiving FDA clearance for its robotic surgeon solution; another crucial lifeline for a medical technology company.
Robotic surgery increases patient reach
There are more than a few robotic surgeon assistants on the market today, enabling precision surgery better than ever before. However, when it comes to gynecological surgical procedures for women, such as hysterectomies, in most cases surgeons are limited in their abilities, often resulting procedures that leave scars, require long recovery times, hospitalization, and other factored risks.
Unlike standard robots which possess only the wrist joints, Memic’s Hominis surgical robot features miniature humanoid-shaped robotic arms that provide human level dexterity, multi-planar flexibility and 360 degrees of articulation. The biomimetic instruments are designed to replicate the motions and capabilities of a surgeon’s arms, with shoulder, elbow and wrist joints.
According to Dvir Cohen, CEO and founder at Memic, the joints “essentially, miniaturize the surgeon and place him into the surgical cavity, making it more intuitive and simple.”
Following the coveted FDA approval, Memic began marketing its system in the U.S.; incorporating them into hospitals. Cohen predicts that the CE clearance will soon follow during H2 2021, opening up the European market to Memic’s robotic surgeon. Recently, the company completed a series of clinical trials at Rambam Hospital, during which 30 hysterectomies were conducted using the robot; Memic reported 100% success rate for the trial.
Memic was founded in 2012 by Dvir Cohen and Eyal Lifschitz from Peregrine Ventures (led the round). The company has raised $116 million to date, and employs a team of 80 between its Israel-based headquarters and R&D center. Memic plans on using the funds to further enhance U.S. expansion, as well as adapting Memic’s robot to a variety of other surgical procedures.