Medtech company Ronovo Surgical has raised $44m (319.49m yuan) in Series B financing to accelerate the commercialisation of Carina, its robotic-assisted surgery (RAS) system.
Carina provides support in laparoscopic surgeries in areas including urology, gynaecology and general surgery.
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Ronovo emerged from stealth in February 2023 with more than $50m in funding. In September 2023, a first-in-human trial of Carina was completed at Fudan University Shanghai Cancer Centre. During the successful procedure on a patient with prostate cancer, the system performed functions including separations, ligations and suturing.
The Shanghai-based company said that it anticipates receiving regulatory approval from China’s National Medical Products Administration in the near future and plans to begin commercialisation efforts on the RAS system in China in early 2025, before turning its attention to international expansion.
On the international front, Ronovo recently launched its first international site, the Ronovo Institute of Surgical Excellence in Orlando, Florida. The intention of the site is to deepen clinical collaboration with international surgical experts and medical societies.
In support of its launch efforts, the company is currently building a 130,000ft² facility at an unspecified location where it said it will base its manufacturing operations and establish a national clinical training centre.
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By GlobalDataThe Series B round was co-led by Guolian Capital and INCE Capital and featured participation from King Star Med and existing shareholder LongRiver Investments.
Ronovo CEO John Ma called the latest funding round a “significant acknowledgement” of its vision.
“Our innovation efforts for developing Carina have been laser-focused on expanding its application across multiple specialties, reducing learning curve and improving cost-effectiveness,” Ma said.
Elsewhere in robotics, the US Food and Drug Administration recently granted clearance to the commercial version of Moon Surgical’s broad laparoscopy market robot, Maestro.
The value of the robotic surgery market stood at around $2.8bn in 2023 and is set to be increase to around $6.6bn by 2030, as per GlobalData’s Market Size & Growth database.
