Moon Surgical has secured $55.4m in venture funding co-led by Sofinnova Partners, through its Sofinnova Capital Strategy, and NVIDIA’s venture capital arm, NVentures. The funding adds to a previous $31.3m Series A funding completed in June 2022.
The financing, which had participation from Dr Fred Moll and Dr Josh Makower, will be used to develop the Paris, France-based company’s robotic surgery system – Maestro.
According to the company, the system, which received FDA clearance in December 2022, “not only changes the scale at which robotics are used but also improves the bottom line for providers and the quality of care for patients.” Maestro augments surgical procedures by aiding surgeons carrying out laparoscopies and is compatible with standard laparoscopic cameras and instruments and offers a more affordable alternative to current robotic options, such as the da Vinci Surgical system.
As part of the deal, Antoine Papiernik, Chairman of Sofinnova Partners, will join Moon Surgical’s board.
The robotics industry is growing at a CAGR of 29% and will be worth $568bn by 2030, according to GlobalData.
“To date, only about 6% of procedures in soft tissue surgery are supported with a robot. We see surgical robotics becoming mainstream in the future as long as the next generation platforms are designed for accessibility and adaptability, like our Maestro,” Anne Osdoit, Moon Surgical CEO and Partner in Sofinnova Partners’ MedTech accelerator, MD Start, told Medical Device Network.
“Regulation has been evolving over the past few years with a higher demand for clinical validation and usability testing. It will keep evolving in order to incorporate more and more autonomy thanks to AI and machine learning, in order to augment the surgeon in more tailored and personalised way.”