Levita Magnetics, on a mission to provide patients with more access to better surgery, has closed its $26 million Series C financing, which will be used to support regulatory and near-term commercial efforts in the United States for its Magnetic-Assisted Robotic Surgery (MARS) platform.
The financing was led by a healthtech investment group managed by seasoned investor Evan Norton, with participation from MedTex Ventures, as well as Invermaster and Carao Ventures, amongst other returning investors. The company also announced the appointment of Maria Sainz as chairwoman to its board of directors.
The MARS platform is designed to deliver the clinical benefits of the company’s first commercial product, the Levita Magnetic Surgical System®, including less pain, faster recovery and fewer scars for patients.
Additional benefits of MARS include the potential for improved visualization, enhanced surgeon control of instruments, and increased hospital efficiency, with fewer assistive personnel required to conduct the procedures.
With its compact footprint, the new robotic platform is designed for outpatient or same-day discharge procedures in high-volume abdominal surgeries.
MARS aims to increase the volume of high-quality, efficiently performed procedures while increasing access by making robotic surgery available across the care spectrum – from community to academic centers and by improving the patient experience.
To date, more than 30 cases have been performed with the Levita Robotic Platform in a clinical trial in Chile, including obesity procedures (sleeve gastrectomy) and same day discharge (ambulatory) cholecystectomies. In all cases, a reduced port technique was utilized, reducing the number of incisions for the patients.
Dr Alberto Rodriguez-Navarro, surgeon, founder and CEO of Levita Magnetics, says: “We are thrilled to have the support of this premier group of forward-thinking investors as we take the company to the next level with our unique approach to surgical robotics.
“At Levita, we believe that everyone deserves the benefits of MARS, offering the potential for less pain, faster recovery, and less scarring. Our platform is poised to address the worldwide problem of limited access to better robotic surgery.”
New chairwoman Maria Sainz has more than 25 years of experience in the medical technology industry including serving as president and CEO of AEGEA Medical, Cardiokinetix and Concentric Medical, among other roles.
She also serves as a member of the board of directors of Shockwave Medical (SWAV), Avanos Medical (AVNS), Hyperfine (HYPR), Atrion Corporation (ATRI) and Tissium.
Sainz says: “The disruptive approach leveraging Levita’s core proprietary magnetic technology within a robotic platform has enormous potential in changing the way surgery is performed at a global scale.
“I’m excited about Levita’s compelling vision and look forward to supporting the company as it begins its next chapter.”
Norton says: “While the field of robotic-assisted surgery continues to grow, there is a need for new approaches that will empower surgeons to provide more timely access to needed surgeries.
“We are extremely excited to support the company’s vision of expanding the use of robotics while allowing the best possible combination of traditional surgical techniques with robotic innovation and look forward to working with Levita to advance this innovative technology.”