SINGAPORE (July 21): Singapore-based surgical robotic firm NDR Medical Technology (NDR) has secured $8 million in its Series A funding on Monday.
The round included investors led by Shanghai-based medical device developer and manufacturer Microport Scientific Corporation, existing investor SGInnovate, as well as Kava Ventures, a venture partnership by owners of Transmedic.
The company says it will use the funds to prepare for its expansion into the US. It will also use a portion of the capital raised to conduct regulatory submissions across other major markets, build up the team’s capabilities, and explore other clinical applications for its Automated Needle Targeting robotic surgical system (ANT).
The ANT system features many medical applications, including performing more accurate biopsies and other surgical procedures related to lung cancer, which has the highest incidences among all tumours.
NDR says that the ANT-X medical applications are not only limited to helping lung cancer patients but can also even help patients with kidney and ureteral stones.
NDR will also be advancing its entry into the Chinese market, to establish a joint venture in China with MicroPort Urocare (Jiaxing), a subsidiary of Microport.
“With MicroPort as our strategic investor alongside Kava Ventures that has rich commercial experience in distributing surgical robotic systems, NDR will be able to accelerate our growth plans in Asia with greater assurance, fulfilling our vision of ensuring safer surgical procedures with better clinical outcome,” says Alan Goh, co-founder and CEO of NDR.
“The robotic-assisted ANT is a technology platform that has extensive applications. Considering the current trend for hierarchical healthcare system and AI-driven healthcare industry in China, we believe this technology will benefit more Chinese patients,” says Yiyun Que, Chairman of MicroPort Urocare.
Dr Lim Jui, CEO of SGInnovate says the company is “proud” of NDR’s progress since its building journey from the start.
“The smart robotic guiding system that NDR has pioneered is transformational and has shown its capabilities to positively impact surgical outcomes. As they plan out the next stage of expansion, we look forward to seeing how the team will continue to make a difference in the global medical field,” he says.