On Thursday, March 16, a Singapore-based medical robotics company, EndoMaster, announced they had raised $20.5 million[SGD] in Series B funding. The company focuses on developing robotically assisted surgical systems that will revolutionize the way surgeons operate.
When asked about the funding round company co-founder, Prof. Lawrence Ho said, “The new funds will enable EndoMaster to scale up this disruptive innovation, making endoscopic surgery easy, safe, and accessible to many more doctors in this world.” The $20.5m investment is reportedly the largest amount ever raised by a medical technology company in the country.
EndoMaster was founded in 2011 by Prof. Louis Phee of the Nanyang Technological University and Prof. Lawrence Ho of the National University of Singapore. When the company was founded Prof. Phee took on the role of CEO while Prof. Ho was the COO. Since then the company has brought on CEO Gow Seow-Ping and COO Colin Tan to fill those roles.
Their product, MASTER or the Master and Slave Transluminal Endoscopic Robot(which I think is just as catchy) allows surgeons to perform operations deep in the gastrointestinal tract without making an incision. From the doctor’s perspective, fewer incisions mean less opportunity for complications and from the patient’s perspective, a faster recovery and no scarring is exactly what you want to hear.
EM co-founder, Prof. Phee explains, “The EndoMaster system was designed to enable complicated surgeries to be performed using existing openings like the mouth and anus, without requiring additional surgical access points. In the future, we aim to perform more ‘no-hole’ surgeries on other major organs. The cost and medical benefits are apparent.”
So, what does the future have in store for EndoMaster?
Well, the disruptive little MedTech company intends to launch MASTER in Europe by late 2018 and is aiming for over $100 million in revenue within the first 5 years. EM says they’re choosing to launch in Europe because it’s the fastest growing global medical robotics market. With a compound annual growth rate of 21.1% and a projected market value of $12.8 billion[USD] by 2021, it’s looking like a smart choice.
Regardless of what happens, you know we’ll be keeping an eye on EndoMaster as they progress and keeping you posted on the latest breakthroughs.
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