Ganymed Robotics, a developer of computer vision software and robotics technologies for orthopedic surgeons, has announced an additional €15m (£13.2m) for its Series B funding round, bringing its total raised to €36m (£31.7m).
The Fund of the European Innovation Council, via its Accelerator Program, and fund management company Cap Horn have invested €14m (£12.3m).
Bpifrance, the French national investment bank, also offered a €1m (£881,000) loan to the company.
The initial Series B round closed at €21m (£18.4m) in July 2022.
Ganymed Robotics has said it will used the combined funds to advance its development of its surgical robotic assistant for knee arthroplasty (TKA), accelerate regulatory approvals, improve its market access and more.
“Welcoming such highly valuable investors a few months after an oversubscribed Series B first close, puts us in an extremely solid position amid a worldwide financing crunch for start-ups,” said Sophie Cahen, CEO and co-founder of Ganymed Robotics.
“We now have the resources and expertise to bring our unique patented technology to market, with the aim to become standard of care for joint replacement.”
According to the robotics firm, the market for TKA is expected to grow from 2.4 million procedures in 2021 to 5.7 million in 2030 in the OECD alone. Despite this, it reports that 95% of these surgeries are performed without technological assistance, which results in poorer outcomes, including patient dissatisfaction rates of more than 20%.