CMR Surgical
CMR Surgical is on a mission to transform surgery for patients around the world, with innovative technology and data that can improve surgical care. In only six years, CMR has gone from initial concept to Versius, its next-generation surgical robotic system which has been used to perform over 1,000 procedures globally, including in the NHS; the globally accepted benchmark for value-based healthcare. Versius brings all the benefits of keyhole surgery to the patient while providing surgeons with greater dexterity, precision, and better visualisation than manual keyhole surgery, allowing them to perform more complex procedures.
What did the business need?
CIC invested in CMR at the first Series A which was the first institutional round. The company had a great management team, an incredibly strong technology base and huge ambition. The entrepreneurial spirit of the founders had created a dynamic, fast-growing company with a strong internal culture. The company needed additional capital to expand the capabilities in-house and to develop their system prototype.
What lasting value did PE/VC investment bring?
CIC invested in CMR in their Series A and supported the company through investments in the Series A+, Series B and Series C at which point it achieved unicorn status. It has achieved regulatory approval in multiple territories and has commercial operations in 6 countries with over 1,000 clinical procedures conducted with its Versius robotic system to date. The excellence of its system through its versatility and cost-effectiveness, is delivering on the company’s ambition to bring the benefits of keyhole surgery to a much wider patient population.
The credit for the progress they have made falls entirely with the founders, management, and dedicated staff. What CIC sought to do alongside its co-investors was bring in a corporate structure that allowed the company to thrive and grow. CIC wanted to create an environment where strategy could be constructively discussed, consensus reached, and decisions implemented without impeding the entrepreneurial spirit that was fundamental to the success of the company. CIC brought on a former surgeon with experience in laparoscopic surgery, who was able to provide informed challenges to the team as they developed their clinical strategy.
Future growth plans
CMR’s ambition is to make the benefits of keyhole surgery available to everyone who needs it by building the world’s best medical robotic system and making it available at an affordable price.
