SoftBank leads $600m series-D for CMR Surgical

The series-D values the business at around $3bn, according to a report by the Financial Times. 

SoftBank invested via SoftBank Vision Fund 2, and the round was co-led by Ally Bridge Group. It was also supported by other new international investors, including RPMI Railpen, Tencent and Chimera. Also participating in the round were existing investors Watrium, Cambridge Innovation Capital, PFM Health Sciences, GE Healthcare, and LGT and its affiliate impact investing platform Lightrock.

SoftBank Vision Fund 2 invested approximately $450m via the funding round and as a result is the second largest shareholder in CMR, behind Escala Capital, according to the FT report.

CMR chief executive Per Vegard Nerseth said the capital injection was greater than first planned and had been hugely oversubscribed, the FT item reported.

The company said in a statement that the fresh funding would be used to increase the global commercialisation of Versius, CMR's surgical robotic system, and further develop its digital ecosystem – including new technological developments such as Versius Connect, an app for surgeons using the Versius surgical robotic system.

ABB Technology Ventures, LGT and Cambridge Innovation took part in a $20.3m funding round for the company (then known as Cambridge Medical Robotics) in July 2016. The trio then took part in a $26m series-A for the business 14 months later, with Escala and Watrium also involved in the round. LGT joined the syndicate to provide CMR with a $100m series-B in June 2018.

A consortium of new and existing investors backed a $240m series-C funding round for CMR Surgical in 2019.

Company
Headquartered in Cambridge and founded in 2014, CMR develops robotic systems for use in minimal-access procedures. Its Versius product is designed for use in upper gastrointestinal, gynaecological, colorectal and renal surgery.

The company plans to increase staff numbers from 700 to 1,800 by 2025, CEO Per Vegard Nerseth told the FT. He added that he does not rule out an IPO at some point, although the business hopes to remain in private ownership for the foreseeable future.

Advisers
Company – JP Morgan (M&A).

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