Photo courtesy of Cornerstone Robotics
Hong Kong-based surgical robotics maker Cornerstone Robotics has raked in $200 million in funding from a round joined by the Hong Kong Investment Corporation, the Hong Kong government's investment arm.
Existing investors Qiming Venture Partners, Daohe Investment, Gaorong Capital, and ZhenFund also participated in the round.
WHAT'S IT FOR
In a press release, the company – now considered a unicorn startup with a valuation reaching over $1 billion – said it will use its fresh funds to speed up its commercialisation in China and abroad. It will also be infused into the development and regulatory registrations for its upcoming products.
It last raised $70 million in a Series C round led by EQT in January.
WHY IT MATTERS
Cornerstone Robotics said it highly values HKIC's investment in the company, viewing it as an endorsement of its capabilities. "Cornerstone Robotics has received continued and strong support from HKIC, including its lead in this round. This not only serves as an authoritative endorsement of our product innovation and global commercialisation capabilities, but also reflects the firm confidence and long-term commitment of Hong Kong's local capital, and even the government, in nurturing technology unicorns," it said in a statement in Chinese.
Founded in 2019, the unicorn startup offers a laparoscopic surgical robot that has been approved and marketed across China and Europe.
MARKET SNAPSHOT
This year also saw Cornerstone Robotics partnering with major health institutions in Hong Kong and Singapore. It is collaborating with the Chinese University of Hong Kong Faculty of Medicine and Singapore's NHG Health on projects related to the training, teaching, research, and clinical application of its robotic surgical system.
A similar company in Israel, ForSight Robotics, scored $125 million in a Series B funding round in June. It develops a robotic system assisting with ophthalmic surgery.
Meanwhile, another surgical robotics maker from India, SS Innovations, recently uplisted on the NASDAQ while expanding into Europe, Asia, and the United States.
