Zap Surgical Systems Valuation, Funding & Investors
Zap Surgical Systems is valued at $53M as of September 2026.
Last Zap Surgical Systems valuation
$53M
Strategic investment · Sep 2026
Last Zap Surgical Systems funding round
$11M
Strategic investment · Sep 2026
Cumulative funding Zap Surgical Systems raised
$170M
across 3 funding rounds
Key investors in Zap Surgical Systems
Baheal Pharmaceutical Group
Foxconn
Primavera Capital Group
Shangbay Capital
Varian
GT Healthcare Capital Partners
About Zap Surgical Systems
Zap Surgical Systems is a San Carlos-headquartered medical device company manufacturing the ZAP-X gyroscopic radiosurgery platform. The self-shielded system delivers stereotactic treatments without vault construction, suiting outpatient centers and physician offices. FDA-cleared in 2020, ZAP-X treats brain tumors and trigeminal neuralgia using a 3 Tesla MRI-integrated linear accelerator. Installations operate in the US, China, and Europe.
Founded
2014
HQ
San Francisco, CAWebsite
Status
Privately held
Customer focus
B2B
Revenue model
Product sales, Subscription
Valuation
$53M (Sep 2026)
Zap Surgical Systems Valuation
Zap Surgical Systems is currently valued at $53M, based on its strategic investment round in September 2026.
The $11M round was led by Baheal Pharmaceutical Group.
Zap Surgical Systems valuation by funding round
| Date | Stage | Valuation |
|---|---|---|
| Sep 2026 | Strategic investment | $53M |
Zap Surgical Systems Funding History
Zap Surgical Systems has raised a total of $170M across 3 funding rounds.
Zap Surgical Systems' first fundraising round was a $81M undisclosed-stage round in January 2020. The most recent completed round was a $11M strategic investment round in September 2026.
Zap Surgical Systems funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Sep 2026 | Strategic investment | Baheal Pharmaceutical Group (lead) | $11M | $53M | - |
| Nov 2024 | Series E | Baheal Pharmaceutical Group (lead) | $78M | - | Zap Surgical Systems, founded by John R. Adler MD in 2014 and headquartered in San Carlos, CA, develops the ZAP-X Gyroscopic Radiosurgery platform, a non-invasive robotic system for precise brain tumor treatment without needing shielded rooms or radioactive isotopes. The vault-free, cobalt-free design enables gyroscopic beam delivery from thousands of angles to target intracranial diseases while sparing healthy tissue. ZAP-X received US registration in 2017, China's innovative device approval in 2018, and full marketing approval in China in June 2023, with installations for clinical trials at institutions like the People's Liberation Army General Hospital. On approximately November 8, 2024, Zap Surgical closed a $78 million Series E funding round led by Qingdao Baheal Medical (part of Baheal Pharmaceutical Group), with participation from other strategic investors. The funds aim to accelerate manufacturing, sales, distribution, and commercialization of ZAP-X globally, addressing access gaps where only about 200,000 of over 5 million potential patients receive optimal stereotactic radiosurgery annually due to legacy technology costs. Baheal previously invested via equity as part of a July 2024 strategic partnership. The partnership extends beyond funding: Baheal gained exclusive commercialization rights for ZAP-X in mainland China, Hong Kong, and Macau, announced November 25, 2024, and a Baheal subsidiary will handle large-scale production for Chinese and global markets. This aligns with Baheal's expansion into precision radiotherapy, building on their linear accelerator investments. Prior funding totals around $245.5M over multiple rounds, with investors including Chow Tai Fook Enterprises, Foxconn, and Varian Medical Systems. |
| Jan 2020 | Undisclosed stage | Primavera Capital Group (lead); Foxconn; Chow Tai Fook; Shangbay Capital; GT Healthcare Capital Partners; Varian | $81M | - | ZAP Surgical Systems, Inc. is a medical technology company developing the ZAP-X gyroscopic radiosurgical robot, a next-generation system for non-invasive tumor ablation, particularly for treating brain, head, and neck cancers. The company announced the completion of an $81 million equity financing round on January 8 or 9, 2020, led by Primavera Capital Group, with participation from new investors GT Healthcare Capital Partners, Chow Tai Fook Enterprises, ShangBay Capital, and Hogy Medical, alongside existing investors Foxconn Technology Group and Varian Medical Systems. This brought the company's total financing to over $160 million to date, with funds earmarked to accelerate commercialization of the FDA-cleared ZAP-X robot. The company was in early commercial development post-FDA clearance, focusing on global expansion for stereotactic radiosurgery to treat over 2 million annual untreated cases. Primavera's involvement highlights their healthcare focus, with co-head Johnny Zou on ZAP Surgical's board. |
Who has invested in Zap Surgical Systems?
7 investors have backed Zap Surgical Systems across its funding rounds, including Baheal Pharmaceutical Group, Foxconn, Primavera Capital Group, Shangbay Capital, Varian and GT Healthcare Capital Partners.
Lead investors include Baheal Pharmaceutical Group and Primavera Capital Group.
Zap Surgical Systems Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
 Beijing | 2 | Lead | Nov 2024 | |
 Taipei | 1 | Participant | Jan 2020 | |
 Hong Kong | 1 | Participant | Jan 2020 | |
| San Francisco, CA | 1 | Participant | Jan 2020 | |
| Beijing | 1 | Lead | Jan 2020 | |
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Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
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Start Free TrialZap Surgical Systems Competitors
Zap Surgical Systems competitors include listed companies like Mentice and Pangaea Oncology, and private ones like Intelligent Haptronic Solutions, Limbic, Confident LIMS and ThoroughCare.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
 Vancouver | Private | - | - | $61M | - | |
 London | Private | - | - | $62M | - | |
 Sweden | Publicly listed | $28M | $148K | $43M | 1.2x | |
| San Francisco, CA | Private | - | - | $57M | - | |
 Spain | Publicly listed | $16M | ($1M) | $59M | 3.7x | |
| Pittsburgh, PA | Private | - | - | $53M | - |
Zap Surgical Systems Public Comps
Zap Surgical Systems is still privately-owned, but its public comps include Abingdon Health, Data Horizon, Senzime, BATM Advanced Communications, Modulight, Klea, RenovoRx, FluoGuide, Medicalgorithmics and Remedi.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $15M | ($2M) | 3.4x | 3.3x | (29.3x) | (35.1x) | |||
| $33M | $4M | 2.0x | - | 14.8x | - | |||
| $11M | ($12M) | 5.0x | 4.5x | (4.5x) | (8.8x) | |||
| $123M | $18M | 0.3x | 0.4x | 2.1x | - | |||
| $8M | ($334K) | 5.8x | 5.5x | (137.4x) | 32.1x | |||
| $25M | $6M | 2.2x | - | 9.9x | - | |||
| $1M | ($12M) | 39.6x | 12.9x | (3.8x) | - | |||
| - | ($7M) | - | 3369.5x | (7.1x) | (5.6x) | |||
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Common questions about Zap Surgical Systems
| When was Zap Surgical Systems founded? | Zap Surgical Systems was founded in 2014. |
| Where is Zap Surgical Systems headquartered? | Zap Surgical Systems is headquartered in San Francisco, CA, United States. |
| Is Zap Surgical Systems publicly listed? | No, Zap Surgical Systems is a private, VC-backed company. |
| What is Zap Surgical Systems' valuation? | Zap Surgical Systems was last valued at $53M in its strategic investment round in September 2026. |
| How much funding has Zap Surgical Systems raised? | Zap Surgical Systems has raised $170M across 3 funding rounds. |
| What was Zap Surgical Systems' last funding round? | Zap Surgical Systems' last funding round was a $11M strategic investment round in September 2026, led by Baheal Pharmaceutical Group. |
| Who are Zap Surgical Systems' investors? | Zap Surgical Systems' investors include Baheal Pharmaceutical Group, Foxconn, Chow Tai Fook, Shangbay Capital, Primavera Capital Group, GT Healthcare Capital Partners and Varian. |
| Which companies are comparable to Zap Surgical Systems? | Companies comparable to Zap Surgical Systems include Intelligent Haptronic Solutions, Limbic, Mentice, Confident LIMS, Pangaea Oncology and ThoroughCare. |
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