Medical Microinstruments (MMI) has secured $110m in a Series C financing round, led by Fidelity Management & Research Company, to support the commercialisation of its Symani Surgical System.
The investment is expected to support the expansion of clinical evidence and indication for the system.
Along with its existing investors who participated in the funding round, MMI anticipates a surge in the market for robotic microsurgical procedures.
The company forecasts an increase from three million to 22 million eligible procedures annually by 2028, attributing this growth to technological advancements and broader indications.
Intended to address the scale and complexities of microsurgery and supermicrosurgery, the Symani Surgical System enables surgeons to mimic human hand movements at a microscale, broadening treatment options for soft tissue and open surgical procedures.
It is expected to enhance the quality of life for patients and empower more surgeons to perform complex surgeries on delicate anatomy, while also allowing hospitals to expand their surgical offerings.
MMI CEO Mark Toland said: “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.”
MMI has so far secured more than $200m in funding. Following its Series B round in 2022, the company has been focusing on expanding indications and advancing the commercialisation of the Symani Surgical System in Europe.
The company is also working on commercialisation strategies for the US and Asia-Pacific markets.
Last month, MMI partnered with Italian medical technology production and distribution company ab medica to expand the global commercialisation of its Symani Surgical System.
