Ganymed Robotics raised €21 million for its surgical robot

The young French company Ganymed Robotics produces the B series with a value of 21 million euros. With this money, the company wants to complete the development of its surgical robot and launch its commercialization.

Digital health is on the rise. French startup Ganymed Robotics has just completed its second fundraising operation to finish development and prepare to commercialize its surgical robot. This funding round, amounting to €21 million, is being led by Cathy Health, with the participation of Credit Mutual Innovation, Korma Partners and BNP Paribas Development. The startup specializing in the development of computer vision (computer vision) software and robotic technologies for orthopedics, is also supported by Bpifrance, the European Innovation Council and is part of French Tech.

The money raised will first be used to accelerate Ganymed Robotics’ expansion in France – which has 25 employees – and abroad, but also to finish manufacturing its first product, a robot intended for surgical assistance. For knee prosthesis (TPG). The startup also wants to accelerate organizational and marketing developments in several geographies and diversify its range of applications from its platform. Ganymed Robotics wants to spread a new standard of orthopedic care.

Robot to simplify surgical procedures

Since its inception in 2018, the Parisian startup has experienced very rapid growth, particularly due to its collaborations with world-renowned surgeons. She quickly validated her proprietary algorithm based on pre- and intraoperative data collected through an observational study of 100 patients. Ganymed Robotics’ patented technology platform is integrated into the surgical practices of practitioners and aims to revolutionize orthopedic methods thanks to computer vision and mechatronics. Ganymed Robotics’ first application is the robotic assistant, which takes the form of a manipulated arm, intended for the fitting of a knee prosthesis (TPG).

Ganymed Robotics is modeling a surgical robot intended for orthopedics. (credit: government)

This robot is small in size and easy to use, simplifying interventions while improving their efficiency. The number of knee prostheses in OECD countries is expected to rise from 2.4 million currently to 5.7 million in 2030, according to estimates by Ganymed Robotics. Today, 95% of orthopedic procedures are performed without technical or robotic assistance, with a very high patient dissatisfaction rate of over 20%. “This new phase of development, which takes us to market, will be crucial to our journey as future champions of interventional medicine technologies,” said Sophie Kahen, co-founder and president of Ganymed Robotics. “With our robotic computer vision platform, we want to provide surgeons and healthcare centers of all sizes with an easy-to-use, cost-effective device that will radically improve orthopedic practice and patient satisfaction.”

Medical technologies, booming market

Technology strives to integrate it into disease prevention, diagnosis, or treatment. Medical technology uses various solutions, including adapted equipment, such as robotics, Internet of things, artificial intelligence, machine learning, computer vision, data processing, supercomputer, and many others. In 2021, the medical technology market is worth billions of dollars worldwide, and Europe has established itself as the center of this industry alongside the United States. In Europe, 7.4% of all healthcare spending in 2018 was spent on medical technologies. Germany thus holds the largest market share in the European medical technology industry, followed by France and the United Kingdom. Not surprisingly, Germany has the largest number of employees in this sector, with more than 227,000 employees currently working in the medical technology field. However, Ireland has the highest employment rate in the medical technology sector, with the country having a European record of 83 employees working in the sector per 100,000 population according to data from Statista.

This shift to digital health owes its existence in part to the global COVID-19 pandemic. Its benefits, including telemedicine, have been widely demonstrated. In Europe, Estonia is the model country for innovation in the field of e-health. In this country, the health data of almost the entire population is digitized, which helps doctors to easily find the medical records of the patient. In addition, each person has access to their own digital profile, which allows them to follow prescriptions and consult health professionals at their appointments. In the rest of Europe, healthcare professionals agree that patient medical records will be the main trend in digital health for the next few years. In France, the government is trying to light the flame with a digital health strategy. However, 41% of healthcare professionals surveyed in a survey by Statista said cost and financing are the biggest barriers to effective implementation of digital health solutions.

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