EndoQuest, an endoluminal robotics technology company, announced it closed a $42 million C-1 preferred financing round.
Existing investors CE Ventures Limited and McNair Interests Ltd. participated in the round, as did new investor Puma Venture Capital LLC.
WHAT IT DOES
The Houston-based company developed a flexible robotics surgery system to perform minimally invasive procedures in upper and lower gastrointestinal and other endoluminal areas. The platform allows for endoluminal and single-incision surgery through the body’s natural orifices or via a transumbilical incision.
EndoQuest plans to use the funds for growth, which includes scaling its commercialization efforts, achieving regulatory milestones and furthering research and development.
“Our investors share our vision of leveraging robotics to redefine the possibilities in minimally invasive procedures,” Kurt Azarbarzin, CEO of EndoQuest Robotics, said in a statement. “This financing enables us to continue innovating and refining our technology, ultimately improving patient care and transforming the future of endoluminal interventions.”
THE LARGER TREND
Last year, EndoQuest announced Brigham and Women’s Hospital in Boston would install the company’s robotics system to assist the health providers’ therapeutic endoscopists and surgeons in performing scar-free upper and lower gastrointestinal surgery.
Several other robotics companies have garnered investments this year, including California-based Mendaera, which merges real-time imaging, AI and robotics for precision medicine. The company secured $24 million in Series A funding in August.
In September, Diligent Robotics announced it scored $25 million in funding, just one year after scoring more than $30 million in a Series B round.
Diligent’s autonomous clinical support robot, Moxi, performs tasks for hospital personnel, including delivering medications and lab samples, moving lightweight equipment between units, bringing supplies from storage and distributing personal protective equipment.
Post source: Mobi Health