[Funding Alert] Singapore's NDR Medical Raises SGD$8mn In Series A Round
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Singapore-based surgical robotic firm NDR Medical Technology on Monday announced it has raised SGD $8 million in a Series A round led by Microport Scientific Corporation, a global medical device developer and manufacturer. Other investors who participated include existing investor SGInnovate and a new investor Kava Ventures.
With this round of investment, NDR will establish a joint venture in China with MicroPort Urocare, a subsidiary of MicroPort, bringing NDR a step closer to entering the China market. The company will also use the fresh capital to prepare for the expansion into the US, regulatory submission across other major markets, as well as to further enhance the team’s technical capabilities and explore other clinical applications for the product.
Commenting on the funding, Alan Goh, co-founder and chief executive officer (CEO), NDR, said “With MicroPort as our strategic investor alongside Kava Ventures that has rich commercial experience in distributing surgical robotic systems, NDR will be able to accelerate our growth plans in Asia with greater assurance, fulfilling our vision of ensuring safer surgical procedures with better clinical outcome.”
Dr Lim Jui, CEO, SGInnovate said, “We have been part of NDR’s building journey from the beginning, and we are proud of their progress since. The smart robotic guiding system that NDR has pioneered is transformational and has shown its capabilities to positively impact surgical outcomes. As they plan out the next stage of expansion, we look forward to seeing how the team will continue to make a difference in the global medical field.”
Founded in 2014, NDR leverages on medical imaging to build smart surgical robots and solutions with the aim to automate surgical procedures. NDR has developed an automated needle targeting system known as ANT, for robotic-guided access to obtain precise targeting. The solution can be applied to biopsy, ablations and other surgical procedures that require precision. NDR has completed a clinical trial for their first indication and is currently waiting to receive its CE Certification. Meanwhile, NDR has an ongoing clinical trial in Japan and is continuing its development of ANT for other imaging modalities and medical applications.
Yiyun Que, chairman of MicroPort Urocare, said, “The robotic-assisted ANT is a technology platform that has extensive applications. Considering the current trend for hierarchical healthcare system and AI-driven healthcare industry in China, we believe this technology will benefit more Chinese patients.”