Robocath, a Rouen, France-based company that designs, develops and commercializes cardiovascular robotic systems for the treatment of vascular diseases, secured €40m ($43M) in series C financing.
The round was led by MicroPort Scientific Corporation (HKG:853), with participation from institutional investors (Zhejiang Silk Road Fund, Luxembourg CLIIF managed under TUS-Holdings, CS Group and Anaxago) as well as existing investors.
The funding will enable the company to expand its sales and marketing efforts for its first robotic-assisted platform, R-One™, and to broaden and accelerate the product development of its second-generation robot to address more PCI procedures and start peripheral and neurovascular applications. On completion of this operation, existing investors, as well as Philippe Bencteux, chairman and founder of the company, will hold more than two thirds of the company’s capital.
In connection with this investment, Robocath and MicroPort have also signed a strategic agreement to set up a China-based joint-venture company.
With over 7,000 global employees, MicroPort has an established expertise in medical devices manufacturing and commercialization dating back to its founding in 1998 and is a leader in its domestic Chinese market in the cardiovascular field. The company has a full line of stents and balloons products worldwide and generated revenue of $793M (€729.5M) in 2019 (approximately one third from its cardiovascular business). Over the last five years, the company had an average turnover growth of +17%. MicroPort has been listed on the Hong-Kong Stock Exchange Market since September 2010.
Through the joint-venture, Robocath will open the Asian market with the commercialization of its first robotic-assisted platform. This expansion will be facilitated by local manufacturing of consumables and robot’s assembly to ensure optimal distribution of Robocath products in this market. Both companies will also carry out research and development activities related to next generation long-distance, remote control over 5G network technologies and will develop artificial intelligence algorithms to be used with robotic-assisted platforms.
Founded in 2009 by Philippe Bencteux, MD, Robocath designs, develops and commercializes robotic solutions to treat cardiovascular diseases. R-One™ uses technology that optimizes the safety of robotic-assisted coronary angioplasty. This medical procedure consists of revascularizing the cardiac muscle by inserting one or more implants (stents) into the arteries that supply it with blood. Thanks to its open architecture, R-One™ is compatible with market-leading devices and cath labs. Currently, it is available in Europe and Africa. The company has more than 30 employees and is backed by GO CAPITAL, NCI, Normandie Participations, M Capital, Supernova Invest, Caisse d’épargne, BNP Paribas, Crédit Agricole) and Bpifrance, and several business angels.