Name of Company: Medrobotics Corp.
Industry: Medical devices
Location: Raynham, Massachusetts
Solution/Product: Flexible medical robots that allow “single-site access and visualization to difficult to reach anatomy.”
Money Raised: $8.1 million; seeking another $11.9 million through a convertible note offering; money raised, excluding this round is $28.3 million in preferred equity financing
How it will be used: Unknown, president and CEO did not return a call.
Investors: Pittsburgh Life Sciences Greenhouse, angel investors
Management team: Samuel Straface, President & CEO; Mark Peters, CFO and Treasurer;
Market size: The company aims to pursue several markets -minimally invasive cardiac surgery, electrophysiology, natural orifice and a range of single-port laparoscopic and thoracoscopic procedures – and the market size is unknown.
Competitors: Hansen Medical also makes medical flexible robots.
By Arundhati Parmar
Arundhati Parmar is the Medical Devices Reporter at MedCity News. She has covered medical technology since 2008 and specialized in business journalism since 2001. Parmar has three degrees from three continents - a Bachelor of Arts in English from Jadavpur University, Kolkata, India; a Masters in English Literature from the University of Sydney, Australia and a Masters in Journalism from Northwestern University in Chicago. She has sworn never to enter a classroom again.More posts by Author
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