Sovato has closed a Series B funding round to scale its remote robotic surgery (telesurgery) platform.
Led by VC business Beringea, the round brings Sovato’s funding to date to $41m. Other participating investors included Teladoc Health, GS Ventures, and Laerdal Million Lives Fund.
Sovato did not immediately respond to Medical Device Network when asked to confirm the Series B amount.
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The company’s system-agnostic platform enables surgical, interventional, or diagnostic robotic systems that allow physicians to perform procedures remotely.
While Sovato’s platform is yet to undergo review by the US Food and Drug Administration (FDA), the company has already touted the successful rate of its platform in facilitating the completion of a series of remote robotic-assisted surgery (RAS) procedures. This was across a 500-mile distance as part of a preclinical technology demonstration in June 2024.
The company said it plans to use the latest funding towards advancing the development of its platform, along with forging new strategic partnerships with entities, including surgical robotics companies, healthcare providers, and related ecosystem collaborators.
Sovato co-founder and CEO Cynthia Perazzo commented: “Over half the world’s population lacks access to timely, safe surgical care, and in the US, millions are still forced to travel for routine procedures – a challenge that will only grow as surgeon shortages intensify.
Some forecasts estimate that the surgeon shortfall in the US may reach almost 20,000 by 2036, with the impending crisis thought to come down to factors including the cap on federally funded surgical trainees, and an anticipated surge in retirement rates.
According to a GlobalData market model, the overall global robotic surgical systems market is growing at a compound annual growth rate (CAGR) of 12.1% and is projected to reach a valuation of $9.2bn by 2034, up from $2.9bn in 2024.
Perazzo continued: “Remote robotic surgery and procedure programmes provide healthcare organisations with a practical way to extend the reach and impact of skilled surgeons, care teams, and operating rooms, enabling a more sustainable and accessible model of care.”
