Fresh financing to accelerate the commercialization of Maestro System
PARIS, FRANCE and SAN FRANCISCO, CA / ACCESSWIRE / May 17, 2023 / Moon Surgical, a French-American pioneer in collaborative robotics, announced today that it has secured $55.4 million in additional funding to support the continued development and planned commercialization of its Maestro System.
This most recent financing was co-led by Sofinnova Partners, through its Sofinnova Capital Strategy, and NVIDIA's venture capital arm, NVentures, with participation from Fred Moll, MD, and Josh Makower, MD. Also joining the round were existing investors GT Healthcare Capital, Cathay Health, Johnson & Johnson Innovation - JJDC, and Sofinnova Partners' MD Start, as well as Yann Fleureau, Siddarth Satish, Sacha Loiseau, and Richard Leparmentier.
Moon Surgical is creating an entirely new category of Robotic Surgery with its Maestro System, one that not only changes the scale at which robotics are used but also improves the bottom line for providers and the quality of care for patients.
"Not even a year after the last one, this new financing is extremely exciting for us, as it will enable us to focus on the upcoming commercial launch of our Maestro System," stated Anne Osdoit, CEO of Moon Surgical and a Partner in Sofinnova Partners' MedTech accelerator, MD Start. "The support of Sofinnova Partners, NVIDIA, Fred Moll, Josh Makower, and our existing investor base is further validation of the mission of Moon Surgical and the achievements of our team."
With the funding, Moon Surgical also announced the appointment of Fred Moll, MD, as an independent Chair of the Board. Gérard Hascoët will remain a Board Director.
"Surgery by its nature involves more than two hands. With Maestro, the surgeon can fully control the tasks that would otherwise be done by an assistant but in a much more fluid and more convenient way," said Fred Moll, MD. "It's a capability that has not been developed before in Robotic Surgery and delivers value in any operating room where laparoscopy is performed."
As part of the financing, Antoine Papiernik, Chairman of Sofinnova Partners, will be joining Moon Surgical's Board of Directors, while Mohamed (Sid) Siddeek, Corporate Vice President and Head of NVentures (NVIDIA), and Steve Oesterle, MD, Venture Partner of Cathay Health, will join as Board Observers.
"Sofinnova Partners has always supported ambitious, world-leading, category-creating companies which deliver on the promise of their unique technology. Moon Surgical is a prime example," commented Antoine Papiernik, Chairman, and Managing Partner of Sofinnova Partners. "We believe in this team's capacity to bring Maestro to the market and revolutionize the surgical robotics landscape by combining their experience and insights in the needs of the surgeon, patient, and provider."
"The application of robotics in surgery will continue to revolutionize healthcare," said Mohamed "Sid" Siddeek, Corporate Vice President and Head of NVentures, NVIDIA. "We are confident in Moon Surgical's capabilities to deliver a unique and innovative solution to the market."
The financing round comes on the heels of the company's other notable accomplishments, which include Maestro's CE Mark this past April, and 510(k) clearance in December of 2022.
Moon Surgical raised $31 million in Series A funding in June 2022.
About Moon Surgical
Moon Surgical, based in Paris, France, and San Francisco, California, believes the future of the operating room lies in the hands of the empowered surgeon.
By equipping surgeons with complete control, renewed confidence, and technology adaptable to any situation they encounter, Moon Surgical strives to improve efficiency in operating rooms and provide better surgical care for patients. The minimalistic, co-manipulation Maestro System uses tomorrow's technology to deliver this capability today.
Professor Brice Gayet, a world-renowned laparoscopic surgeon, founded Moon Surgical in 2019. The company was incubated by Sofinnova Partners' MD Start in 2020.
About Sofinnova Partners
Sofinnova Partners is a leading European venture capital firm in life sciences, specializing in healthcare and sustainability. Based in Paris, London and Milan, the firm brings together a team of professionals from all over the world with strong scientific, medical and business expertise. Sofinnova Partners is a hands-on company builder across the entire value chain of life sciences investments, from seed to later-stage. The firm actively partners with ambitious entrepreneurs as a lead or cornerstone investor to develop transformative innovations that have the potential to positively impact our collective future.
Founded in 1972, Sofinnova Partners is a deeply established venture capital firm in Europe, with 50 years of experience backing over 500 companies and creating market leaders around the globe. Today, Sofinnova Partners has over €2.5 billion under management. For more information, please visit: sofinnovapartners.com.
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Moon Surgical® and Maestro® are registered trademarks of Moon Surgical, SAS.
SOURCE: Moon Surgical
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