Surgical Robot Maker Medrobotics Raises $8 Million
Published: Aug 14, 2012
A maker of surgical robotic technologies, Medrobotics Corp., has secured a Series D round of funding, federal documents show.
The $8M round of equity, warrants and other options is part of a $20 million offering. A total of 18 investors have invested in the offering, according to the Aug. 10 filing. Listed on the filing are executives Samuel Starface, president and CEO; Kevin Gilmartin, vice president of research and development; Shawn Wery, vice president of clinical-regulatory affairs; Mark Peters, CFO; and David Smith, secretary. Listed as directors in the filing are Richard Petersen Jr., president of Petersen Jr. Enterprises; John Petersen, former president at Erie Insurance Group; Thomas Dugan, a retired cardiologist; Robert Beck, senior member of Beck, Mack & Oliver; and James Jordan, chief investment officer, Pittsburgh Life Sciences Greenhouses.
In December, Medrobotics secured $6.4 million from investors and in November, it closed a $11.7 million “Series C” funding from its current shareholders, a number of angel investors and The Pittsburgh Life Sciences Greenhouse. Its $11.6 million Series A round came in August 2009 and was led by Eagle Ventures.
Founded in 2005, the Raynham-based company is a developer of robotic surgical products such as cardioARM, a robotic probe controlled remotely and designed to enable surgeries with minimal or no incisions. Medrobotics’ robotic probe moves within any 3-D space without needing any other structural support, according to the company.
The company was originally co-founded in Pittsburgh as Innovention Technologies LLC. by Howie Choset, PhD, an associate professor of robotics at Carnegie Mellon University, Dr. Marco Zenati, a cardiothoracic surgeon and Visiting Professor of Surgery at Harvard Medical School, and Alon Wolf, associate professor at Technion University in Israel. It then moved its headquarters to Newport, RI and operated as Cardiorobotics before settling in Raynham under the name Medrobotics Corp. Two of the three co-founders, Choset and Zenati, are still involved in Medrobotics’ product development.