Italian innovative company MMI leads the revolution in surgical robot technology and completes US$110 million in Series C financing

In the field of medical technology, innovation is a key driver of industry development. On February 21st, 2024, Italian medical technology company Medical Microinstruments, Inc. (MMI) announced the completion of a Series C financing of up to US$110 million (approximately RMB 800 million). This round of financing was funded by Fidelity Management Research Company (Fidelity Management & Research Company), marking the largest investment ever in the field of microsurgery robotics. This significant progress not only demonstrates the investment community’s confidence in MMI and its innovative technology, but also heralds the future development direction of microsurgery robotic technology.

MMI's Symani® surgical robotic system is a revolutionary technology designed to improve patient outcomes by providing precise surgical assistance. The funds from this financing will be used to support the commercialization process of Symani® surgical robot in high-growth markets and continue to invest in product research to obtain more clinical evidence and expand indications. In addition, this round of financing will accelerate the development of the company's advanced technology capabilities and enable MMI to expand its operational capabilities globally.

MMI and its existing investors have shown great enthusiasm for this round of funding, seeing huge opportunities in the rapidly growing market for microsurgery robots. According to company forecasts, the viable robotic microsurgery market will grow from 3 million units per year to 22 million units by 2028, with this growth driven primarily by technological advancements and indication expansion.

Mark Toland, CEO of MMI, said this round of funding builds on the company’s confidence in new minimally invasive surgical solutions, a very important market that can benefit from the smallest wrist-based microsurgical instruments. The Symani surgical robotic system is uniquely positioned to increase the number of surgeons able to perform complex, delicate procedures to expand patient access to care. With the support of investors, MMI will gain access to a growing body of clinical evidence and expand hospital partnerships to continue advancing this technology.

The Symani surgical robotic system uses first-of-its-kind robotic technology to uniquely address the scale and complexity of microsurgery and ultramicrosurgery. The system allows surgeons to replicate the natural movements of the human hand on a microscopic scale, providing better treatment options for patients who require open soft tissue surgery. These procedures include free flap reconstruction, lymphatic surgery, trauma reconstruction, and peripheral nerve repair surgery. The Symani system is designed to improve patients' quality of life, increase the number of surgeons able to push the boundaries of complex surgeries to perform fine anatomy, and give hospitals the opportunity to expand surgical programs.

To date, MMI has raised over $200 million in funding. In 2022, the company completed Series B financing to drive continued growth. The funding will be used to expand indications for the Symani surgical robotic system and support the company's commercialization efforts in Europe. The Symani system received the CE mark in Europe in 2019. In addition, the company is accelerating its commercialization plans in the U.S. and Asia Pacific and advancing clinical studies.

The Symani Surgical System is a flexible platform consisting of two robotic arms that can easily position any anatomical area for surgical procedures. The system features 7-20X motion scaling and tremor filtering to meet the needs and complexity of microsurgery and supermicrosurgery. This powerful combination enables surgeons to perform their hand movements while seamlessly connecting proprietary NanoWrist® robotic micro-instruments. Symani's NanoWrist instrument is the world's smallest wrist surgical instrument and is designed to enhance surgeons' natural dexterity and range of motion beyond the capabilities of the human hand.

MMI has been developing surgical robotic systems since its establishment in Pisa, Italy in 2015. Following the first round of funding from Sambatech Angel Investors, MMI completed a €20 million Series A round in 2018 and received financial support from the European Union in 2020, signing a financing agreement with the European Investment Bank (EIB) to obtain Funding of up to 15 million euros for long-term development over the next few years.

With the continuous advancement of technology and the growth of market demand, MMI's Symani surgical robot system is expected to change the face of surgery globally, providing patients with safer and more precise treatment options, while also providing surgeons with unprecedented surgical aids. The development and application of this innovative technology will undoubtedly push the entire medical technology industry forward and make a significant contribution to human health.