July 7, 2022
Paris-based Ganymed Robotics, which develops computer vision software and robotics technologies for orthopedic surgeons, has announced it raised €21 million ($21.3 million) in an oversubscribed Series B funding round.
The new funding will be used to support Ganymed’s expansion in France and the U.S., as well as finalizing the industrial development of its surgical robot assistant for knee arthroplasty (TKA). New capital will also be used to accelerate regulatory and marketing developments, and to diversify its innovation product pipeline. The funding round was led by Cathay Health, with participation from Credit Mutuel Innovation, Kurma Partners, BNP Paribas Developpement and additional surgeons.
Founded in 2018, Ganymed Robotics said it has validated its proprietary algorithms and collected unique in vivo data via a 100-patient observational study, initiated industrialization of its first device dedicated to TKA through strategic partnerships with manufacturers, and secured a patent portfolio.
“The support of this high-profile group of investors, specialized in innovation and healthcare is a strong endorsement of the work accomplished and of our vision for the future of orthopedic surgery,” said Sophie Cahen, co-founder and CEO of Ganymed Robotics. “With our unique robot-with-eyes platform, we are committed to providing all surgeons and care centers, large and small, with an easy-to-use and cost-effective solution that will radically improve patient outcomes, surgeon experience and overall efficiency of joint replacement interventions.”
The Ganymed technology platform combines advanced computer vision and mechatronics. The first application is a co-manipulated surgical robotic assistant for TKA. The compact robot can be fully integrated into a surgical workflow to simplify and increase accuracy of orthopedics. The company said TKA is expected to rise in OECD countries from 2.4 million procedures currently to 5.7 million in 2030. Ganymed said 95% of orthopedic surgeries today are performed without technological assistance, which can lead to suboptimal outcomes; the patient dissatisfaction rates is above 20%.
“We have been impressed by Ganymed’s next generation technology,” said Dr. Steve Oesterle, the former senior vice president of medicine and technology at Medtronic, now a venture partner at Cathay Health. “We are looking forward to working alongside such a talented team and contribute to making orthopedic surgery safer, more accessible, more surgeon-centric and ultimately more efficient for all.”
For more details on the company, visit the Ganymed Robotics website here.