Galen Robotics, which describes itself as a “digital-surgery-as-a-service pioneer”, has completed the first close for an oversubscribed Series A round with $15 million in funding, including investment from Ambix Healthcare Partners, from Menlo Park, California.
Galen Robotics has submitted a new collaborative soft tissue surgical robot, intended to address unmet needs in the market, to FDA for consideration.
Galen plans to level the surgical playing field by erasing large capital expenditures associated with today’s surgical robots. Galen Robotics will be the first surgical robotics company to launch as “as-a-service” using the per-usage disposable model.
Termed Digital-Surgery-as-a-Service, is a new approach to surgical robotics, clearing the way to capture surgical data and promote continuous improvements of surgical techniques, outcomes, and the training of residents.
The Series A helped complete the final robot prototype, and submission to FDA. Funds will also be used to develop a clinical sales team, expand engineering, grow product development, and develop surgeon training programs.
Galen was founded in 2016 to commercialize the research originating from Johns Hopkins University.
Once cleared, the Galen robot is intended for minimally invasive procedures and is envisioned to aid surgeons with very little disturbance to current surgical workflows.
Galen’s initial indications will focus on laryngological procedures. Future clearances will expand the scope of the platform into ENT, neurosurgery, spine, and cardiothoracic procedures.
Bruce Lichorowic, president and CEO, Galen Robotics, says: “Because the pandemic wreaked havoc on hospital profits with elective surgeries being postponed, we had to pivot our business model from hospitals paying up front for capital equipment to ‘as a service’.
“We will be the first robotic company to launch using an on-demand business model.”
Dr Arron Berez, managing director, Ambix Healthcare Partners, says: “It was an easy and quick decision for our firm to lead the Galen Series A funding round.
”We watched this team take an early surgical robotic prototype from Johns Hopkins University’s Robotics Lab, develop it into a potential game changer, and submit it to FDA, all during a pandemic.
“Add to that the current state of supply chain issues, and economic uncertainty, and we’re very impressed with how this team was able to consistently execute and hit their milestones.”
To accommodate anticipated demand for this new technology, and manage the Covid-affected supply-chain, the company opened a second close for the Series A funding round for an additional $5 million. The second close is expected to go quickly given the company’s stage and forward progress.