Meio CadiNav Medical (梅奥心磁), a Zhejiang-headquartered surgical robot developer, recently completed its Series A round of financing for an undisclosed amount, VB Data.cn, a healthcare-focused media outlet, reported yesterday.
The funds were exclusively invested by Shaoxing Yuecheng City Development Corporation.
The startup specializes in the design and manufacturing of invasive heart surgical robots, especially aimed at the treatment of atrial fibrillation.
The company crossed a milestone in January this year, becoming the first domestic surgical robot developer to conduct clinical trials on candidates stricken with atrial fibrillation.
Moreover, it is poised to complete all the registered clinical trials by 2023 as well as file applications with the National Medical Products Administration (NMPA) to certify its cardiac electrophysical invasive surgical robot products.
Meio has R&D centers in Shanghai and Hangzhou aside from its head office in Shaoxing, a city in Zhejiang. The company is driven by a nexus between medicine and engineering, characterized by its team of clinical doctors with 30 plus years of experience and a group of specialists in digital signal processing and electromagnetic and motor drive technologies.
Its product pipelines include TITIAN, a cardiac electrophysical invasive surgical robot, MANTEGNA, a left atrial appendage closure surgical tool, and RAPHAELLO, an interventional cardiovascular flexible magnetic surgical device.
Its flagship product TITIAN is the world’s first double-arm electrophysical robotic system that can replace doctors in performing procedures on fibrous sheaths, the company claims.
Chinese hospitals carry out some 100,000 operations every year to treat patients with atrial fibrillation, a far cry from the penetration of similar surgeries in Western nations.
However, as the country rapidly grays, unleashing pent-up demand for this type of operation, doctors in China are expected to perform over 1 million atrial fibrillation-related surgeries in 2035.
This leaves the prevalent mode of manual procedures outmoded, setting the ground for robot-assisted invasive surgeries.
Prior to its Series A round, Meio bagged funds from investors including TusStar, Fangxin Capital and Shanghai Shunan Investment.