Robocath announced today that it has raised €40 million in venture capital as the medtech company seeks to expand further in Asian markets.
The Rouen-based startup has developed a system that uses robots to assist with cardiovascular procedures and has now raised a total of €51.4 million. China’s MicroPort Scientific Corporation led the latest investment round which also included participation from Zhejiang Silk Road Fund, Luxembourg CLIIF, CS Group, and Anaxago.
Most critically, Robocath signed a deal with MicroPort as part of the investment to create a joint venture that will allow it to enter the Chinese market. In addition, the companies agreed to conduct R&D projects that could include extending the system for use with 5G networks and creating AI for the robotic system.
"This financing will allow the company to fulfil its goals," said CEO Lucien Goffart in a statement. "The involvement of MicroPort at our side demonstrates the relevance and value of our solution."
Founded in 2009, the company's primary product is the R-One, a robotic assistance platform that assists doctors with procedures such as implanting stent-balloon catheters.
In addition to using the money to expand sales of the original product, the company will also use the funding to accelerate development of its second-generation system that will be able to treat more complex angioplasties and strokes.