Australian medtech company Convergence Medical recently brought in about $3.1 million (AU$5 million) to support its surgical robot. The Brisbane-based company touts its VO1 robot as the world’s first arthroscopic surgical robot. VO1 won FDA breakthrough device designation in December 2023.
Global investors — including U.S.-based Avicella Capital — provided the funding that closes out the company’s Series A round. Convergence Medical plans to use the funds to support commercialisation, expand into the U.S. and penetrate the global arthroscopic industry.
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According to a news release, the funding elevates the company’s value to more than $18.7 million (AU$30 million). This sets the stage for expansion and delivers a return on investment for investors who backed the company since its inception three years ago.
The company plans to direct funds toward scaling production, expanding global partnerships and advancing R&D efforts. It anticipates a soft launch of VO1 “soon.”
“We’re thrilled to achieve this important milestone in our journey to commercialization and excited to be working with Avicella Capital, who are seasoned investors with a great track record in the global MedTech industry,” said Dr. Chris Jeffery, founder and CEO of Convergence Medical. “This funding enables us to accelerate our growth and bring our transformative technology to hospitals and surgeons around the globe. Our mission is to create more efficient, effective solutions that support medical professionals and improve patient outcomes worldwide.”
