Robotic Medical Device Maker Virtual Incision Bags $20 Million

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VIC

Virtual Incision Corporation, a Lincoln-based medical device company has bagged $20 million as part of its Series ongoing Series B funding round. Bluestem Capital is leading the current round with participation from returning investor PrairieGold Venture Partner and Genesis Innovation Group.

Prior to this round, the firm had raised $1 million in debt financing from Bluestem Capital and PrairieGold Venture Partners in July last year. The first chunk of Series B round had come in December 2017 when Bluestem Capital and Sinopharm Capital had led the round worth $18 million.

The company was founded by Dmitry Oleynikov and Shane Farritor in 2006. One of its primary products is the MIRA (“miniaturized in vivo robotic assistant”), a robot weighing about 2-pound designed for minimally invasive abdominal surgery.

John Murphy, president, and CEO of Virtual Incision Corporation talking about the MIRA through a press release said, “We designed the MIRA Surgical Robotic Platform with the fundamental understanding that minimally invasive procedures offer tremendous benefits to patients. We believe our portable and affordable abdominal robot has the potential to bring these benefits to many more patients. The planned IDE clinical study of MIRA is the critical next step for the company.”

Bluestem Capital's founding partner Steve Kirby commenting about VIC said, “The Virtual Incision team has developed a unique robotic platform that has incredible potential to transform surgery. With its foundational intellectual property – including more than 200 patents and applications – we are convinced that Virtual Incision will be leading the next wave of innovation in robotic surgery with the pioneering MIRA system.”

The company plans to use the freshly raised funding for the development of another product for Investigational Device Exemption (IDE) with the FDA and its commercialization. It will be interesting to see how things pan out with this chunk of funding for VIC.

 

Image Courtesy : Silicon Prairie News

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