Ronovo Surgical announces its second successful fundraise in eight months with an oversubscribed round of new financing led by NRL Capital and joined by new investor, Kington Capital, as well as all existing shareholders – Lilly Asia Venture, Vivo Capital, Matrix Partners China, GGV Capital, and LongRiver Investments. This additional capital will accelerate commercialization efforts for Carina™ in China and beyond. HaoYue Capital was the exclusive financial advisor for this extension of the Pre-B round from last December.
“We are grateful for the trust and support from NRL Capital and all other investors, especially as 2023 is a critical year for accelerating our commercialization efforts for Carina™, the first modular robotic platform for laparoscopy in China,” remarked Dr. John Ma, Founder, Chairman and CEO of Ronovo. “With a global vision in mind, we firmly believe that the Carina™ system’s core differentiations in modularity, configurability and compatibility translate to meaningful clinical and economic values for surgeons and patients around the world.”
“Thanks to the continued engagement of renowned surgeons from China and overseas, we accelerated product development and now stand at the cusp of our multi-specialty human clinical trials just 2.5 years after kicking off conceptual design,” commented Dr. Ying Mao, Co-Founder, CTO and COO of Ronovo. “From day one, we have adhered to the concept of clinical-driven design, paying particular attention to combining clinical value and product development. The new financing will allow us to accelerate our multi-specialty roadmap in expanding the clinical application of Carina™.”
On leading the round, Xianghong Lin, Founding Partner of NRL Capital, said, “we believe in the flexibility and efficiency enabled by a modular architecture, and these are key differentiations that will allow Ronovo to accelerate the adoption of Carina™ by multiple surgical specialties to benefit many more patients than traditional single-pedestal robotic systems. Furthermore, we were impressed by Ronovo’s team of industry veterans who has accumulated decades of technical expertise from companies like Intuitive, Auris Health (J&J Ethicon), KUKA, Medtronic, and Smith+Nephew. Their vision is not limited to the Chinese market, and we are committed to helping Ronovo globalize.”
Designed in Shanghai. Made for the World.
According to Frost & Sullivan data, the market size of China’s surgical robots will reach $3.4B in 2026, and the global market share will increase from 5.1% in 2020 to 11.4%. In 2026, the market size of China’s endoscopic surgery robot will reach $2.1B, with a CAGR of 36.9%, and extraordinary growth potential.
While based in China, Ronovo aims to broaden access to robotic surgery across surgical specialties, enabling patients worldwide to benefit from digital and robotic advancements in surgical technologies. With international expansion as a significant part of the company’s strategic roadmap, Ronovo is committed to developing clinical-focused innovation backed by global partnerships with pioneering minimally invasive surgeons.
Source: Ronovo Surgical