Andera et al. in €20m series-A for MMI

VC houses Panakès Partners and Fountain Healthcare Partners also took part in the funding round, alongside seed investor Sambatech and entrepreneurs Gus Castello, Intuitive Surgical's former executive; and John Engels, founder of microsurgery specialist AxoGen.

Andera deployed capital from its BioDiscovery V fund, which held a final close in February 2018 and invests in life sciences and medical technology companies in early- to late-stage growth phases.

Fountain Healthcare used its Fountain Healthcare Partners Fund II to support the investment, while Panakès drew capital from its Panakès Fund I, which held a final close on €100m in January 2018, Unquote understands.

The company will use the fresh capital to accelerate the development of its robotic platform for microsurgery, complete its clinical development, obtain the CE mark and launch the product on the European market.

Following the deal, Andera's Olivier Litzka, Panakès's Alessio Beverina, Fountain's Justin Lynch and private investors Gus Castello, John Engels and Fabrizio Landi will join the board of MMI and will work alongside Sambatech's Carlo Alberto Marcoaldi and the company's founders Giuseppe Prisco and Hannah Teichmann.

Previous funding
MMI received a previous seed funding round from Sambatech.

Company
Founded in 2015 and based in Calci, near Pisa, MMI specialises in developing a teleoperated robotic platform for suturing in open surgery with wristed micro-instruments, able to perform reconstruction procedures after traumatic injuries, tumour removal and organ transplantation.

People
Andera Partners – Olivier Litzka (partner).
Panakès Partners – Alessio Beverina (partner).
Fountain Healthcare – Justin Lynch (partner).
Medical Micro Instruments – Giuseppe M Prisco, Hannah Teichmann, Massimiliano Simi (co-founders).

Advisers
Equity – Rucellai & Raffaelli (legal).
Company – Bird & Bird (legal).

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