November 1, 2022
Galen Robotics has announced it completed the first close for an oversubscribed Series A round with $15 million in funding, including investment from Ambix Healthcare Partners. The company is developing a new collaborative soft tissue surgical robot, which is intended to address unmet needs in the market.
The company is also looking to launch an “as-a-service” model for the robot, using a per-usage disposable model. Termed Digital-Surgery-as-a-Service, the new approach aims to clear the way to capture surgical data and promote continuous improvement of surgical techniques, outcomes, and the training of residents.
Galen Robotics said the Series A round helped complete the final robot prototype, and submission to the FDA. The new funding will also be used to develop a clinical sales team, expand engineering, grow product development, and develop surgeon training programs.
Founded in 2016, Galen Robotics aims to commercialize research originating from Johns Hopkins University. The robot is intended for minimally invasive procedures to aid surgeons with very little disturbance to current surgical workflows, with an initial focus on laryngological procedures. Future clearances aim to expand the platform into ear, nose and throat (ENT), neurosurgery, spine, and cardiothoracic procedures.
“Because the pandemic wreaked havoc on hospital profits with elective surgeries being postponed, we had to pivot our business model from hospitals paying up front for capital equipment to ‘as a service’,” said Bruce Lichorowic, president and CEO of Galen Robotics. “We will be the first robotic company to launch using an on-demand business model.”
“It was an easy and quick decision for our firm to lead the Galen Series A funding round,” said Dr. Aaron Berez, managing director of Ambix Healthcare Partners. “We watched this team take an early surgical robotic prototype from Johns Hopkins University’s Robotics Lab, develop it into a potential game changer, and submit it to FDA, all during a pandemic. Add to that the current state of supply chain issues, and economic uncertainty, and we’re very impressed with how this team was able to consistently execute and hit their milestones.”
The company also announced opening a second close for the Series A funding round, with an anticipated $5 million raise, which it said it expects to go quickly.
For more information on Galen Robotics and its technology, visit its website here.