CMR Surgical Valuation, Funding & Investors

CMR Surgical is valued at $3B as of June 2021.

Last CMR Surgical valuation

$3B

Series D · Jun 2021

Last CMR Surgical funding round

$200M

Undisclosed stage · Apr 2025

Cumulative funding CMR Surgical raised

$1.3B

across 7 funding rounds

Key investors in CMR Surgical

CMR Surgical Overview

About CMR Surgical

CMR Surgical is a Cambridge, United Kingdom-headquartered medical device company manufacturing the Versius robotic surgical system for minimally invasive procedures. Versius features modular arms, 3D HD vision, and haptic feedback, enabling surgeries in gynecology, urology, and general surgery. Deployed in over 40 countries with 250+ installations since 2019 FDA clearance, it integrates into hospital operating rooms for enhanced surgeon control.


Founded

2014

HQ

United KingdomCambridge

Status

Privately held

Customer focus

B2B

Revenue model

Product sales

Valuation

$3B (Jun 2021)

CMR Surgical Valuation

CMR Surgical is currently valued at $3B, based on its Series D in June 2021.

The $600M round was led by Ally Bridge Group and SoftBank Group, with participation from Watrium AS, Tencent, Railpen, PFM Health Sciences, GE HealthCare and 4 other investors.

CMR Surgical's valuation has grown 7.6x from $395M at its Series B in June 2018 to $3B in June 2021, across 3 priced rounds.

CMR Surgical valuation by funding round

CMR Surgical valuation by funding round
DateStageValuation
Jun 2021Series D$3B
Sep 2019Series C$1B
Jun 2018Series B$395M

CMR Surgical Funding History

CMR Surgical has raised a total of $1.3B across 7 funding rounds.

CMR Surgical's first fundraising round was a $20M Series A in July 2016. The most recent completed round was a $200M undisclosed-stage round in April 2025.

CMR Surgical funding rounds

CMR Surgical funding rounds
DateStageInvestorsRaisedValuationDeal Summary
Apr 2025Undisclosed stageTrinity Capital$200M-CMR Surgical, a Cambridge, UK-based global surgical robotics company, develops the Versius Surgical Robotic System, a versatile soft-tissue surgical robot designed for minimally invasive procedures. Versius has been used in over 30,000 surgical procedures worldwide across more than 30 countries and specialties including gynecology, thoracic, urology, and general surgery, positioning it as the second most adopted soft tissue surgical robot. The company recently received FDA marketing authorization for Versius in cholecystectomy, enabling its US market entry with the next-generation Versius Plus. In April 2025, CMR Surgical closed a financing round exceeding $200 million (approximately £154 million or €185 million) through a mix of equity and debt, supported by all existing major investors and new debt provider Trinity Capital, which committed up to $68.75 million in growth capital. Armentum Partners advised on the debt financing. This follows strong investor confidence in CMR's leadership and vision amid its pivotal growth stage. The funds will accelerate global commercialization of Versius, with a major focus on US hospital adoption, deeper penetration in existing markets, and ongoing R&D including Versius Plus enhancements. CEO Massimiliano Colella highlighted the company's competitive position and transformative product, while Trinity's Rob Lake praised CMR's trajectory in medtech. Non-Executive Chairman Dan Moore and UK Science Minister Lord Vallance noted the round as an endorsement of UK life sciences innovation and CMR's strategic execution.
Sep 2023Series DWatrium AS; SoftBank Group; Tencent; Railpen; Escala Capital; Cambridge Innovation Capital; LGT group; Lightrock; Ally Bridge Group$162M-CMR Surgical is a Cambridge, UK-based surgical robotics company founded in 2014 that develops minimally invasive surgical systems. Its flagship product, Versius, is a modular robotic-assisted surgical system that enables surgeons to perform keyhole operations across multiple surgical specialties including thoracic surgery, colorectal procedures, and gynecological operations. Versius costs hospitals between £1 million and £1.5 million and has been deployed globally since its launch in 2019. In September 2023, CMR Surgical closed a $165 million funding round led by existing investors including Ally Bridge Group, Cambridge Innovation Capital, Escala Capital, LGT, Lightrock, RPMI Railpen, SoftBank Vision Fund 2, Tencent, and Watrium. The company had achieved significant clinical traction by this time, surpassing 15,000 surgical procedures globally on Versius. The funds were designated for product innovation, technological development, and commercial expansion in existing and new markets. CMR's post-money valuation was not disclosed in this 2023 round; the company's valuation had remained at $3 billion since its Series D in 2021. The company continued expanding its clinical capabilities with trials in pediatric surgery and transoral robotic surgery applications, positioning Versius in the growing global soft-tissue robotic-assisted minimal access surgery market, which was estimated at over $7 billion annually with growth exceeding 15 percent per year.
Jun 2021Series DAlly Bridge Group (lead); SoftBank Group (lead); Watrium AS; Tencent; Railpen; PFM Health Sciences; GE HealthCare; Cambridge Innovation Capital; LGT group; Lightrock; Chimera Partners$600M$3BCMR Surgical, a Cambridge, UK-based surgical robotics company founded in 2014 by Luke Hares, Mark Slack, and Martin Frost, develops the Versius robotic system for minimally invasive keyhole surgery targeting conditions like bowel disease and cancer. Versius features a modular, portable design that enhances accessibility and affordability compared to larger competitors, with deployments in Europe, Australia, India, and the Middle East by mid-2021, where it had been used in 1,000 procedures. On June 28, 2021, CMR Surgical raised $600 million in a Series D round, the largest medtech private financing at the time, led by SoftBank Vision Fund 2 and co-led by Ally Bridge Group, with participation from new investors like RPMI Railpen, Tencent, and Chimera Partners, plus existing backers including Cambridge Innovation Capital, GE HealthCare, LGT group, Lightrock, PFM Health Sciences, and Watrium AS. The round valued the company at $3 billion post-money, bringing total funding to nearly $1 billion and providing capital for global commercialization of Versius, digital ecosystem development, technology advancements, and expansion into underpenetrated markets like India, the Middle East, and Latin America. CEO Per Vegard Nerseth highlighted the funding's role in accelerating worldwide hospital adoption and reflecting strong product interest. Investors like SoftBank's Yanni Pipilis noted CMR's potential to address high costs hindering robotic surgery adoption. Procedure volume grew to 15,000 by 2023 per later reports. Subsequent raises included a $165 million extension in 2023 from existing investors and further funding in 2025.
Sep 2019Series CLGT group (lead); Silk Road Fund; Watrium AS; Escala Capital; Cambridge Innovation Capital$240M$1BCMR Surgical, a UK-based surgical robotics developer founded in 2014, raised £195m ($240m) in a Series C funding round on September 17, 2019, led by LGT with participation from Cambridge Innovation Capital, Escala Capital, Silk Road Fund (Zhejiang Silk Road Fund), Watrium AS, and unnamed US investors. The round valued the company at more than $1.2bn, marking its unicorn status, with Citigroup Global Markets and Morgan Stanley International acting as placement agents. This brought total funding to $386m following a $100m Series B in June 2018 from CIC, Watrium, LGT, and Silk Road Fund. The capital supported the commercial launch of CMR's Versius Surgical Robotic System, a modular platform for minimal access surgery featuring high-definition 3D video and cart-mounted arms to enable access to hard-to-reach areas. At the time, CMR had completed clinical trials with Versius and was poised for global market transformation by making robotic surgery more accessible and affordable. CEO Martin Frost highlighted strong investor support amid these milestones. CMR Surgical, backed by investors including ABB, competed in the growing surgical robotics sector. Subsequent rounds included a later Series C or D with SoftBank in 2020-2021 at higher valuations up to $3B, and further funding in 2025.
Jun 2018Series BSilk Road Fund (lead); Watrium AS; Escala Capital; Cambridge Innovation Capital; LGT group$98M$395MCMR Surgical, a Cambridge, UK-based company founded in 2014, develops the Versius next-generation surgical robot for robot-assisted minimal access surgery. The company closed a $100 million Series B funding round on June 4, 2018, led by new investor Zhejiang Silk Road Fund, with participation from existing investors Escala Capital Investments, LGT, Cambridge Innovation Capital, and Watrium. This was described as Europe’s largest medical device financing at the time, paving the way for Versius commercialization. The proceeds were allocated to complete validation studies for regulatory approvals in Europe and the USA, support international expansion, and enable commercial scale-up amid strong industry interest. CEO Martin Frost highlighted the funds' role in starting Versius commercialization globally, with robust backing from investors including management and employees. The company had achieved ISO 13485:2003 registration for its Quality Management System. The target market for robot-assisted minimal access surgery had global annual revenues of approximately $4 billion at the time, projected to reach $20 billion by 2025.
Sep 2017Series AWatrium AS; LGT Capital Partners; ABB Ventures; Escala Capital; Cambridge Innovation Capital$26M-CMR Surgical, operating as Cambridge Medical Robotics at the time, raised $26 million in a Series A extension in September 2017 from existing investors Cambridge Innovation Capital, LGT Global Invest, Escala Capital, and ABB Technology Ventures, plus new investor Watrium. This brought the total Series A to $46 million following a prior $20 million tranche 14 months earlier. The funding supported validation of its Versius minimal access surgical robot, including cadaver tests for pelvic, upper gastrointestinal, gynecological, colorectal, and renal surgeries to advance toward first-in-human trials and production. Versius features a portable robotic arm with a four-axis joint mimicking the human wrist, enabling surgeons to hold devices naturally and perform keyhole procedures from ergonomic positions. This addresses surgeon fatigue, repetitive strain injuries, and career-shortening issues in minimal-access surgery. CMR had also developed a virtual training environment to help surgeons adapt to the device. Later rounds, such as the 2021 Series D raising $600 million at a $3 billion valuation led by SoftBank Vision Fund 2, highlight CMR's growth in surgical robotics, with Versius adopted globally and used in thousands of procedures.
Jul 2016Series AABB Ventures (lead); LGT Capital Partners; Escala Capital; Cambridge Innovation Capital$20M-Cambridge Medical Robotics Limited raised $20.3 million in Series A funding announced July 18, 2016, led by ABB Technology Ventures alongside Cambridge Innovation Capital, LGT Global Invest, and Escala Capital. The company develops a next-generation robotic system for universal minimal access surgery, utilizing high-definition 3D video and individually cart-mounted arms to enable surgeons to perform minimally invasive procedures. At the time of the Series A, CMR had recently launched clinical cadaveric trials in June 2016, with positive preliminary results. The funding was designated to accelerate development and commercialization of the medical robotic technology, expand the team, and prepare for regulatory approval. ABB committed to cooperating with CMR in component sourcing and manufacturing as the company entered the critical production and commercialization phase. The company would go on to raise significantly larger rounds: a Series B of approximately £74 million (~$100 million) in June 2018, a Series C of $240 million in September 2019 that valued the company at over $1.2 billion following CE Mark clearance for its Versius system, and ultimately a $600 million Series D in June 2021 that valued CMR Surgical at $3 billion.

Who has invested in CMR Surgical?

16 investors have backed CMR Surgical across its funding rounds, including Cambridge Innovation Capital, Watrium AS, Escala Capital, LGT group, SoftBank Group and Tencent.

Lead investors include Ally Bridge Group, SoftBank Group, LGT group, Silk Road Fund and ABB Ventures.


CMR Surgical Investors

Investors in CMR Surgical by funding rounds participated
InvestorHQRoundsRoleFirst check
Cambridge Innovation CapitalUnited KingdomCambridge6ParticipantJul 2016
Watrium ASNorwayOslo5ParticipantSep 2017
Escala CapitalSpainMadrid5ParticipantJul 2016
LGT groupLiechtensteinVaduz4LeadJun 2018
Silk Road FundChinaBeijing2LeadJun 2018
SoftBank GroupJapanTokyo2LeadJun 2021
TencentChinaShenzhen2ParticipantJun 2021
RailpenUnited KingdomLondon2ParticipantJun 2021
LGT Capital PartnersSwitzerlandZurich2ParticipantJul 2016
ABB VenturesSwitzerlandSwitzerland2LeadJul 2016
LightrockUnited KingdomLondon2ParticipantJun 2021
Ally Bridge GroupHong KongHong Kong2LeadJun 2021
Trinity CapitalUnited StatesPhoenix, AZ1ParticipantApr 2025

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CMR Surgical Competitors

CMR Surgical competitors include listed companies like UBtech Robotics and Infleqtion, and private ones like Science, Neuralink, Cowarobot and Galaxy Bot.

Public and private companies comparable to CMR Surgical
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
ScienceUnited StatesSan Francisco, CAPrivate--$1.5B-
NeuralinkUnited StatesUnited StatesPrivate--$9B-
UBtech RoboticsChinaChinaPublicly listed$298M($108M)$5.1B9.5x
CowarobotChinaShanghaiPrivate$140M-$3B21.4x
Galaxy BotChinaBeijingPrivate--$3B-
InfleqtionUnited StatesUnited StatesPublicly listed$29M($52M)$3.1B64.5x

CMR Surgical Public Comps

CMR Surgical is still privately-owned, but its public comps include TransMedics, AtriCure, Carl Zeiss Meditec, Lepu Medical Technology, Infleqtion, Space42, Autobio Diagnostics, Tecan Group, Medacta Group and Axogen.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
TransMedics$605M$149M5.6x4.8x22.9x21.3x
AtriCure$535M$12M5.4x5.0x247.3x36.3x
Carl Zeiss Meditec$2.6B$392M1.2x1.3x8.1x9.8x
Lepu Medical Technology$967M$292M3.7x3.8x12.3x14.2x
Infleqtion$29M($52M)92.3x64.5x(50.9x)(60.0x)
Space42$577M$88M3.7x3.4x24.1x8.7x
Autobio Diagnostics$630M$253M4.1x4.0x10.2x10.5x
Tecan Group$1.1B($50M)3.0x3.0x(65.7x)19.0x

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Common questions about CMR Surgical

When was CMR Surgical founded?CMR Surgical was founded in 2014.
Where is CMR Surgical headquartered?CMR Surgical is headquartered in Cambridge, United Kingdom.
Is CMR Surgical publicly listed?No, CMR Surgical is a private, VC-backed company.
What is CMR Surgical's valuation?CMR Surgical was last valued at $3B in its Series D in June 2021.
How much funding has CMR Surgical raised?CMR Surgical has raised $1.3B across 7 funding rounds.
What was CMR Surgical's last funding round?CMR Surgical's last funding round was a $200M undisclosed-stage round in April 2025.
Who are CMR Surgical's investors?CMR Surgical's investors include Cambridge Innovation Capital, Watrium AS, Escala Capital, LGT group, Silk Road Fund, SoftBank Group, Tencent, Railpen, LGT Capital Partners, ABB Ventures and 6 others.
Which companies are comparable to CMR Surgical?Companies comparable to CMR Surgical include Science, Neuralink, UBtech Robotics, Cowarobot, Galaxy Bot and Infleqtion.

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