January 4, 2022
Caira Surgical has announced raising $5 million in seed capital in an oversubscribed funding round, which closed in December 2021. The company said investors include smart-money venture and strategic medical technology investors. The company’s technology aims to revolutionize the usability, safety, and accessibility of advanced surgical navigation and robotics for orthopedic surgery.
Caira’s first product is a sub-millimeter-accurate radar tracking system for knee replacement surgery. The system leverages advanced radar technologies to overcome line-of-sight interference and eliminate invasive surgical hardware and hgh-cost, large footprint capital equipment as seen with other surgical tracking systems.
“We’re thrilled to achieve this funding milestone in partnership with our industry-savvy investors,” said Jon Greenwald, co-founder and CEO of Caira Surgical. “The series seed funding enables Caira to continue developing our breakthrough technology and positively impact orthopedic surgery and patient welfare. Additionally, the composition, commitment, and enthusiasm of our investor syndicate ensure that Caira will have continued access to the funding and resources necessary to realize our technology vision and meet our commercial objectives.”
Investors include U.S.-based Mountain State Capital, Amsterdam-based Snowboat BV, a Dudge fund formed by the founders of Avania Clinical, and Grenoble, France-based Haventure, founded by Stephane Lavallee, who founded surgical robotics company eCentenial. Previous funding included a pre-seed friends and family financing that closed in 2020, and a National Science Foundation Small Business Technology Transfer Grant for $256,000 to research and develop novel radar-based tracking for navigation and robotics in orthopedic surgery.
The company said the addressable market for navigated and robotic technology for joint replacement totaled $5.1 billion in 2019, and is projected to grow to more than $13 billion by 2030. The platform is expected to also address hip and shoulder replacement surgery and spinal applications, the company added.
For more details on the company, visit the Caira Surgical website here.