Medical Microinstruments S.p.A. (MMI), an Italian company dedicated to improve clinical outcomes for patients undergoing microsurgery, today announces the completion of a €20 million (approx. USD 24.5 million) Series A financing to accelerate the development of MMI's groundbreaking robotic platform for microsurgery. The investor syndicate was led by Andera Partners, formerly known as Edmond de Rothschild Investment Partners (EdRIP), with Panakes Partners and Fountain Healthcare, returning Seed investor Sambatech, and two industry veterans Gus Castello, former Senior Vice President of Product Operations for Intuitive Surgical Inc., the world leader in robotic surgery, and John Engels, founder of AxoGen, Inc., a world leader in solutions for peripheral nerve repair in microsurgery.
Giuseppe M. Prisco, CEO of MMI, said, we are thrilled to have an outstanding group of investors and successful medtech experts supporting the next phase of development of the company and to address together a market opportunity that exceeds USD 2.5 billion annually. The round aims at completing product and clinical development, obtaining the CE mark and launching in European markets. Surgical robotics is a major trend that has yet to penetrate a number of surgical specialties beyond laparoscopy, said Olivier Litzka, Partner, Andera Partners. MMI is poised to provide the first robotic product for open surgery with wristed microinstruments. We are excited to collaborate with MMI as they work to build a great company in an exciting category.
While robotics has primarily penetrated laparoscopic surgery and more recently orthopedic surgery, microsurgery, used in reconstructive, lymphatic and eye surgeries among others, has remained largely unserved by robotics to date. Microsurgery has seen only incremental advances in optics and instrumentation; with surgical practice being bound to what is manually achievable when working under 5x to 40x optical scaling. MMI is pioneering a disruptive advance in this surgical space by coupling the dexterity of robotically controlled wrist articulation with 5x to 40x motion scaling to match optical magnification.
MMI represents a great example of the best Italy has to offer, based on its excellence advanced robotics, said Alessio Beverina, Partner, Panakes Partners. MMI's breakthrough technology will help surgeons who perform complex microsurgery with highly precise dexterity and motion, and tremor-free control. As part of the financing, Andera Partners' Olivier Litzka, Panakes' Alessio Beverina, Fountain's Justin Lynch as well as industry experts Gus Castello, John Engels and Fabrizio Landi, former CEO and founder of Esaote S.p.A. join the board of MMI together with Carlo Alberto Marcoaldi, Giuseppe M. Prisco and Hannah Teichmann, who co-founded MMI with Massimiliano Simi. – Medical Buyer Bureau