Zap Surgical’s latest move shows investors continue to rally around the surgical robotics market. The San Carlos, CA-based company has raised $81 million equity financing round and has developed Zap-X, an FDA-cleared radiosurgical robot for the treatment of cancer and other brain disorders.
The financing round was led by Primavera Capital Group, with participation from GT Healthcare Capital Partners, Chow Tai Fook Enterprises, ShangBay Capital, and Hogy Medical, who joined existing investors Foxconn Technology Group and Varian Medical Systems.
Funds from the financing round will be used to accelerate the commercialization of the Zap-X surgical robot. The company has now raised more than $160 million in financing capital since it was formed in 2014.
"We are very excited to be a part of this highly promising, innovative, mission-driven medical device company at an early stage in its commercial development," Dr. Fred Hu, Chairman and Founder of Primavera Capital Group, said in a release.
The Zap-X platform is an integrated robotic software and hardware solution currently FDA-cleared to provide image-guided stereotactic radiosurgery for tumors, lesions and conditions in the brain, head and neck. Zap-X incorporates a self-shielded design that typically eliminates the need for costly radiation bunkers.
Zap Surgical’s financing comes on the heels of a major shakeup in the overall surgical robotics market. Late last year, Johnson & Johnson announced it would acquire the remaining stake in its Verb Surgical joint venture with Verily Life Sciences. The companies did not disclose the financial details of the deal, which is expected to close in the first half of this year.