Israeli medical device company Memic Innovative Surgery, a developer of a robot-assisted surgery platform, announced on Monday that it raised $96 million in a Series D financing round led by Peregrine Ventures and Ceros, with participation from OurCrowd and Accelmed.
Founded in 2012, Memic is headquartered in Tel Aviv with offices in Florida. The company developed a product called Hominis, an FDA-authorized surgical robotic platform that 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. Multiple instruments can be introduced to the body through a single portal and the 360-degree articulation offers obstacle avoidance as well as optimal access and working angles.
The device received De Novo marketing authorization from the US Food and Drug Administration (FDA) in February 2021 for use in single site, natural orifice laparoscopic-assisted transvaginal benign surgical procedures including benign hysterectomy.
The company said in the announcement that the funding will be used to support the commercialization of Hominis in the US and potentially in other countries. The financing will also support expansion plans for marketing and sales outside the US and continued research and development efforts.
Memic said it hopes to sell the system at a significantly lower price compared to other marketed robotic surgery systems, potentially allowing more medical facilities including hospitals and ambulatory surgical centers to access and adopt surgical robotics.
“The Hominis system represents a significant advancement in the growing multi-billion-dollar robotic surgery market,” said Dvir Cohen, co-founder and CEO of Memic. “This financing positions us to accelerate our commercialization efforts and bring Hominis to both surgeons and patients in the months ahead.”
“Given the broad potential of Hominis combined with a strong management team, we are proud to support Memic and execution of its bold vision,” said Eyal Lifschitz, managing general partner of Peregrine Ventures.