The European Innovation Council (EIC) Fund, through the EIC Accelerator Program, and Cap Horn join existing pool of strategic investors.
- Bpifrance, the French national investment bank, adds €1 M debt financing on favorable terms.
- Funding will be used to finalize development of Company’s unique surgical robotic assistant forknee arthroplasty and prepare for commercial launch.
Ganymed Robotics, a developer of computer vision software and robotics technologies for orthopedic surgeons, announced it has extended its Series B with an additional close of €15 million, bringing the total Series B amount to €36 million. The Fund of the European Innovation Council, through its Accelerator Program, and Cap Horn invest €14 million. Bpifrance, the French national investment bank, extended a €1 million loan to finance market access work. The initial Series B close of €21 million, led by Cathay Health and joined by Crédit Mutuel Innovation, Kurma Partners and BNP Paribas Développement, was announced in July 2022.
The combined funds will be used to complete development of Ganymed Robotics’ surgical robotic assistant for knee arthroplasty (TKA), 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,” says 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.
Ganymed Robotics’ ambition is to democratize access to quality care in orthopedics and allow all such patients throughout the world, to benefit from high-quality care. It has developed a proprietary technology platform built around two disruptive innovations: contactless localization of the bones and human-machine collaborative movement. The first application is a co-manipulated surgical robotic assistant for total knee arthroplasty (TKA).
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%. Ganymed’s device aims to improve both patient outcome and surgeon experience in a value-based-care environment. After total knee arthroplasty, Ganymed is planning to expand its technology platform to address other market needs.
About Ganymed Robotics
Ganymed Robotics is a medical device company founded in 2018, developing the next generation of robotic assistance technologies for orthopedic surgery. The company’s mission is to improve patient outcome, surgeon experience, and overall efficiency of care delivery for its target indications. Based in Paris, Ganymed Robotics currently employs 30 people who develop a proprietary technology platform combining computer vision, a branch of artificial intelligence, and mechatronics, in close collaboration with world-class clinicians and advisors. The first application is a robotic surgical assistant for knee arthroplasties, a common and fast-growing intervention associated with high dissatisfaction rates of above 20%. Ganymed Robotics intends to progressively deploy its technology to address several other orthopedics indications. Ganymed Robotics won national and international innovation awards, such as I-Lab, French Tech DeepNum20, French Tech Emergence, Deep Tech Pioneer, EIT Health, Wilco, EIC Accelerator. For more information: www.ganymedrobotics.com
About Investors of Series B Extension
About the EIC Fund
The European Innovation Council Fund from the European Commission is an agnostic Fund: it invests across all technologies and verticals, and all EU countries and countries associated to Horizon Europe. It provides the investment component of the EIC Accelerator blended finance.
The EIC Fund aims to fill a critical financing gap and its main purpose is to support companies in the development and commercialisation of disruptive technologies, bridging with and crowding in market players, and further sharing risk by building a large network of capital providers and strategic partners suitable for co-investments and follow-on funding.
The Fund pays particular attention to the empowerment and support of female founders as well as the ambition to reduce the innovation divide among EU countries.
About Cap Horn
Cap Horn is a Paris-based VC firm investing in innovative companies across Europe, focusing on Healthtech, Sustainability, and Entreprise software. We partner with outstanding entrepreneurs and commit investments from € 1M to € 15M in high growth companies, from early to late stage. Cap Horn has an active portfolio of 50 companies and supports their development by leveraging its extensive network of business leaders. The firm, established in 2011, is part of the Anaxago Group.
Cap Horn investment in Ganymed Robotics is led by Alex Heraud and Gaston Vasseur.
Bpifrance is the French national investment bank. It finances businesses – at every stage of their development – through loans, guarantees, equity investments and export insurances. Bpifrance also provides extra-financial services (training, consultancy.) to help entrepreneurs meet their challenges (innovation, export…).
For more information, please visit: www.bpifrance.fr and presse.bpifrance.fr
Text: Ganymed Robotics