Ganymed Robotics, a Paris-based developer of computer vision software and robotics technologies for orthopedic surgeons has raised €21M in the first close of its Series B funding.
The round was led by Cathay Health, with the participation of Credit Mutuel Innovation, Kurma Partners, BNP Paribas Développement, and internationally renowned surgeons.
How will the funding be used?
The capital will help Ganymed Robotics accelerate expansion in France and the United States, finalise the industrial development of its surgical robotic assistant for knee arthroplasty (TKA) and diversify the product pipeline.
A part of the proceed will enable the French company to accelerate regulatory and marketing developments across geographies.
“The support of this high-profile group of investors, specialized in innovation and healthcare is a strong endorsement of the work accomplished and of our vision for the future of orthopedic surgery. We are eager to enter this new phase of growth,” says Sophie Cahen, co-founder and CEO of Ganymed Robotics.
She adds, “With our unique robot-with-eyes platform, we are committed to providing all surgeons and care centers, large and small, with an easy-to-use and cost-effective solution that will radically improve patient outcome, surgeon experience, and overall efficiency of joint replacement interventions.”
Provides robotic assistance technology
The company’s first application is a co-manipulated surgical robotic assistant for Total Knee Arthroplasty (TKA). It is compact, intuitive, and fully integrated into the workflow, increasing the accuracy of orthopedics. TKA is expected to rise in OECD countries from 2.4M procedures to 5.7M in 2030.
Today, 95% of orthopedic surgeries are performed without technological assistance, leading to sub-optimal outcomes; the patient dissatisfaction rate is above 20%.
The company currently employs 25 people who develop a proprietary technology platform combining computer vision, a branch of artificial intelligence, and mechatronics, in close collaboration with clinicians and advisors.
Ganymed Robotics intends to deploy its technology to address several other orthopedics indications.
“We have been impressed by Ganymed’s next-generation technology. We are looking forward to working alongside such a talented team and contributing to making orthopedic surgery safer, more accessible, more surgeon-centric, and ultimately more efficient for all,” says Dr. Steve Oesterle, former SVP Medicine and Technology at Medtronic, now Venture Partner at Cathay Health.
Bryan, Garnier & Co acted as exclusive financial advisor on the transaction.