Paris-based Ganymed Robotics, a developer of computer vision software and robotics solutions for orthopaedic surgeons, has extended its Series B with an additional close of €15 million. With this, the total Series B round accounts for €36 million.
Splitting the round, €14 million came from The Fund of the European Innovation Council, through its Accelerator Program, and Cap Horn while Bpifrance, the French national investment bank (that backed Evaneos and Outsight), extended a €1 million loan. In July 2022, Ganymed Robotics raised €21 million in the initial Series B round led by Cathay Health and joined by Crédit Mutuel Innovation, Kurma Partners and BNP Paribas Développement.
Robots to assist in knee arthroplasty
The funds will be used to complete the development of Ganymed Robotics’ surgical robotic assistant for knee arthroplasty (TKA) and its commercial launch, accelerate regulatory and market access activities, and diversify the innovation product pipeline.
“Welcoming such highly valuable investors a few months after an oversubscribed Series B first close, puts us in an extremely solid position amid a worldwide financing crunch for start-ups. We now have the resources and expertise to bring our unique patented technology to market, with the aim to become standard of care for joint replacement,” said Sophie Cahen, CEO and co-founder of Ganymed Robotics.
“Robotic assistance, together with image guidance and clinical decision tools, will be pivotal to push the limits of what can be achieved surgically and even more important to offer quality care to everyone, everywhere, in the context of a worldwide shortage on medical expertise and staff. Ganymed Robotics, with its proprietary intuitive technology and highly talented team, is uniquely positioned to win on both aspects in the field of joint replacement,” added Michel Therin, DVM, PhD, Chairman of Ganymed Robotics’ Board.
Taps into growing TKA market
The market for TKA is expected to rise from 2.4 million procedures in 2021 to 5.7 million in 2030 in the OECD alone. Yet 95% are performed without technological assistance, leading to sub-optimal outcomes; patient dissatisfaction rate is above 20%.
The first application of Ganymed Robotics is the co-manipulated surgical robotic assistant for total knee arthroplasty (TKA). With this device, the French startup aims to improve both patient outcome and surgeon experience in a value-based-care environment.
Robot assistants for safer surgery
After total knee arthroplasty, the French startup is planning to expand its technology platform to address other market needs. Ganymed Robotics’ ambition is to democratise access to quality care in orthopedics and allow all such patients worldwide to benefit from high-quality care. It has developed a proprietary technology platform built around two disruptive innovations: contactless localisation of the bones and human-machine collaborative movement.
Female founder betting big on robotics
Sophie Cahen founded Ganymed Robotics in 2018 and leads a current team of 30. Sophie has 12 years of international work experience across four continents. She co-invented three patents and co-authored two peer-reviewed scientific articles. She was granted the i-Lab Award by the French Ministry of Research and Innovation in partnership with Bpifrance.
Further, she is also a member of The Galion Project, the think tank for French hypergrowth tech companies, and sits on the Steering Committee for Robotics and Electronics of the Government-led program “France 2030”. She holds a Master’s Degree in Engineering from CentraleSupélec and an MBA from INSEAD. Sophie was appointed Knight of the National Merit Order in 2022.