Caresyntax has secured $180m as the company looks to expand the geographical reach of its AI-powered precision surgery platform.
The round consisted of $80m in Series C extension equity and $100m of growth debt tied to milestones.
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Caresyntax says the company’s revenue increased by 75% in the first half of 2024, though it has not released financial figures.
The funding, which adds to the $130m raised in Series C financing in 2021, will be used to increase the customer base in the US and Europe, Middle East, and Africa (EMEA) regions.
Caresyntax’s co-founder and chief financial officer Björn von Siemens told Medical Device Network that whilst the company’s focus is on the US and EU, it is selectively looking at countries in the Gulf Cooperation Council (GCC).
The money will also go towards fuelling the development of AI and edge-to-cloud applications, specifically operational and clinical automation tools, and supporting M&A activities.
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By GlobalDataFounded in 2013, Caresyntax’s digital surgery platform collects and analyses data from a range of modalities to enable AI-driven robotic surgery. The company says it connects to any operating room technology —from surgical robots to endoscopes— in a vendor-neutral approach. Caresyntax boasts big names on its books, with Medtronic, B Braun and Cambridge Medical Robotics all working with the company.
According to Caresyntax, its platform can help reduce harm, improve sustainability and efficiency, and reduce patient stay. According to the company, its platform is currently used by 30,000 surgical professionals in 3,000 operating rooms worldwide.
The global robotics industry is growing at a compound annual growth rate (CAGR) of 29% and will be worth $568bn by 2030, according to analysis by GlobalData.
One of the most valued areas of robotics in healthcare is surgical procedures. The surgical robotics market was worth $8.6bn in 2022 and is projected to reach $10bn globally by the end of this year. The market is expected to grow at a CAGR of 8% to hit $15.8bn by 2030, as the industry shifts to less invasive options.
Johnson & Johnson (J&J) MedTech is poised to rival market leader Intuitive Medical, the latter company responsible for developing the da Vinci system. J&J recently released details for its system – called Ottava – that will have six arms and be able to conduct procedures with considerable overlap with the da Vinci system.
The company plans to submit an investigational device exemption application to the FDA in the second half of 2024. Approval would allow the robot to be used in clinical trials later this year.
