Surgical Radar Tracking Lands $5 Million Financing
A truly novel and potentially revolutionary radar tracking system for surgery, has just received $5 million in seed financing in an oversubscribed funding from some of the most tech savvy investors in the U.S. and Europe. The company developing this potentially ground-breaking technology is two-year-old Caira Surgical. The funding round closed in December 2021.
Caira Surgical’s proprietary and novel technology could potentially advance orthopedic surgical navigation and robotics significantly by using a form of “radar tracking system for knee replacement surgery.” Caira’s “advanced radar technologies” are able to “overcome line-of-sight interference and eliminate invasive surgical hardware and high-cost, large footprint capital equipment inherent with incumbent surgical tracking systems.”
Caira Surgical Co-Founder and CEO Jon Greenwald told OTW, “Funding will be used to expand our capabilities and team with emphasis on engineering and product development in 2022.” Currently, Caira’s products are all in the developmental stage and are not yet commercially available.
“We're thrilled to achieve this funding milestone in partnership with our industry-savvy investors," he added.
Furthermore, said Greenwald, “the series seed funding enables Caira to continue developing our breakthrough technology and positively impact orthopedic surgery and patient welfare. Additionally, the composition, commitment, and enthusiasm of our investor syndicate ensure that Caira will have continued access to the funding and resources necessary to realize our technology vision and meet our commercial objectives."
Investors in the round included the such tech-savvy funds as: United States-based Mountain State Capital; Amsterdam-based Snowboat BV; and Grenoble, France-based Haventure. Stephane Lavallee, Ph.D. founded both Haventure and Grenoble, France-based surgical robotics company eCentenial Robotics.
This is not the first time that Caira has received financing. Pre-seed, Caira's funding came from a friends and family financing round which closed in 2020. The company also received $256,000 from a National Science Foundation Small Business Technology Transfer Grant which, according to the company, was used to fund “research and to develop novel radar-based tracking for navigation and robotics in orthopedic surgery.”