Cydar Medical recently announced it has successfully completed a US$11.5 million (£9.3 million) Series A funding round including a US$3.7 million (£3 million) cornerstone investment by Pembroke Venture Capital Trust (VCT). The company also revealed that Ken Hitchner has been appointed as chairman of the board with immediate effect.
A press release notes that proceeds from the financing round will enable the company to advance its pioneering artificial intelligence (AI) surgical maps platform and also bolster the company’s ongoing commercial expansion.
This Series A funding round will support the expansion of the company’s Operations, Science and Development, Business Development and Customer Onboarding & Service teams, the release continues. These expanded capabilities will support the successful execution of the key strategic collaborations announced by the company last year with leading industry players, including Medtronic Vascular and BrainLab.
The proceeds will also enable the ongoing development of Cydar EV Maps. That includes the planned release of the first version of Cydar EV Intelligent Maps in H1 2023, which will enable clinicians planning their minimally invasive surgery cases to compare patient anatomy with prior cases undertaken globally and will, over time, provide predictive procedure planning capabilities. The company also plans to release a generally applicable Cydar Maps product offering a solution for MIS procedures beyond the current endovascular indication.
The Series A financing was led by Pembroke VCT, managed by Pembroke Investment Managers, who focus on growth stage companies across a range of sectors. Pembroke VCT were joined in the round by existing shareholders, as well as a number of new investors which included Downing, through its Downing Healthcare Ventures fund, which focuses on investment in healthcare and life science companies based in the UK.