Mendaera brings in $73M to finish developing its handheld robotic device
Mendaera is developing a handheld, robotic surgical system. Credit: Adobe Stock
Mendaera Inc. yesterday announced that it has closed a $73 million Series B funding round. The company said the financing will further its efforts to scale robotics and artificial intelligence “across mainstream medical procedures” with its handheld robotic interventional platform.
Rising costs and provider shortages are making it difficult for the healthcare industry to maintain the quality of care, noted the San Mateo, Calif.-based company. It cited common but critical procedures such as biopsies, organ and vascular access, and pain management interventions. It described these as the “messy middle” where demand is high but skills are hard to acquire, resulting in high costs and bottlenecks in care.
While other industries have addressed similar skills shortages by deploying automation to improve quality and productivity, robots in healthcare have largely been limited to high-end, singularly focused surgeries, said Mendaera. The company said it is taking a different approach by creating technologies that are readily available for these foundational everyday procedures.
“Traditional surgical robots have established footing in the operating room,” stated Josh DeFonzo, founder and CEO. “But robotics and AI have evolved to a point where we can deliver broader benefits across all parts of the healthcare system and enable higher standards of care for more patients.”
By better distributing care for such procedures, Mendaera said it aims to improve hundreds of millions of patient encounters per year and drive system-wide efficiencies.
Mendaera adds capabilities through acquisitions
Mendaera said its system includes robotics, AI, real-time imaging, and virtual connectivity. It is designed to be accessible across specialties and sites of service to help healthcare providers meet the growing demand for needle-based interventions.
The company said it will use its latest funding to complete the development of its robotic technology, accelerate work on its AI and connectivity, and begin the clinical introduction of its platform. Although it is not yet clear what capabilities the handheld interventional platform will have, Mendaera’s recent acquisitions provide some clues.
Earlier this year, Mendaera announced that it had acquired the telepresence technology of Avail Medsystems to add virtual connectivity to its portfolio. In 2023, the company signed a commercial agreement with the point-of-care ultrasound company Butterfly Network.
Funding to help address healthcare labor shortages
Threshold Ventures led the funding round. Lux Capital, PFM Health Sciences, and Fred Moll, the founder of Intuitive Surgical and Auris Health, also participated in the round.
“Mendaera has the unique ability to improve the patient experience and make high-quality care widely accessible,” said Emily Melton, founder and managing partner at Threshold Ventures.
“Amidst rising healthcare costs and labor shortages impacting quality and affordability, it is imperative to harness advanced technology to revolutionize healthcare delivery,” she said. “We are thrilled to join forces with the dynamic Mendaera team, comprising the most innovative and accomplished leaders in medical robotics and software.”
“We believe that our technology will allow healthcare systems and providers to provision medical procedures at scale – enhancing patient experience, increasing access to high-quality care, reducing overall cost, and improving healthcare provider satisfaction,” DeFonzo said.
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