Robotic Surgery Company Secures Funding
Medrobotics Corp to Receive $8 Million
Medrobotics Corp., which manufactures robotics for use in surgical settings, has secured funding for a Series D round. Of a larger $20 million offering, this round comprises equity, warrants, and other options collectively amounting to $8 million, and 18 investors are involved, according to Mass High Tech.
Back in August 2009, Medrobotics had their Series A round, which garnered $11.6 million, with Eagle Ventures leading the way. In November, Series C funding led to $11.7 million, spread over current shareholders, several angel investors, and the Pittsburgh Life Sciences Greenhouse. Finally, in December, the company netted another $6.4 million in funding.
Medrobotics was founded in 2005 and created the cardioARM, a remote-controlled robotic probe. The probe is capable of full movement in 3-D space without any structural support.
Medrobotics is based in Raynham, Mass., and was co-founded under another name by three professors. Originally known as Innovention Technologies LLC., the Pittsburgh-founded company was the brainchild of Howie Choset, Associate Professor of Robotics at Carnegie Mellon, Marco Zenati, cardiothoracic surgeon and Visiting Professor of Surgery at Harvard Medical School, and Alon Wolf, Associate Professor at Israel’s Technion University.
After a brief stint as Cardiorobotics in Newport, Rhode Island, the firm finally changed its name to Medrobotics and established itself in Raynham. Choset and Zenati remain actively involved in Medrobotics’ product design and development.