SHANGHAI–(BUSINESS WIRE)–April 23, 2021–
Ronovo Surgical, an emerging medtech company focused on innovating minimally invasive (MIS) and digital surgery to address the tremendous needs of the Chinese surgical market, recently announced successful closing of Series A financing.
Developed by renowned surgeons, medtech veterans and robotics experts, Ronovo was founded in Shanghai in 2019 to establish a transformative technology platform that democratizes MIS and digital surgery in the vastly underserved Chinese surgical market. By focusing on the three pillars of simplicity, precision, and intelligence, Ronovo is positioning itself as a gateway to China for cutting edge MIS and digital surgery technology companies from around the world.
The Series A financing was co-led by Matrix Partners China and Vivo Capital, with strong, continued support from seed investor Lilly Asia Ventures (LAV) and participation from GGV Capital.
“With the successful closing of our Series A, we are extremely proud of the strong support for Ronovo’s vision and strategy from leading technology and life science investors, Matrix Partners China, Vivo Capital and GGV Capital, as well as the continued support from our seed investor, LAV,” said Dr. John Ma, Founder, Chairman and CEO of Ronovo. “With our core team already deep in R&D, we are now well-positioned to accelerate our technology development efforts and pursue multiple global strategic partnerships in support of accelerated path to commercialization.”
“We firmly believe that our team is the key to strong competitive advantage of Ronovo Surgical,” said Dr. Ying Mao, Co-Founder and CTO of Ronovo. “With world-class talent from top medtech MNCs and industry leaders in robotics, our team is uniquely qualified to take on the mission of enabling China’s hospitals with digital surgery solutions to optimize patient clinical outcome and reduce health economic burden.”
“Ronovo Surgical represents our key investment in the surgical robotics space,” said Roger Sun, Director at Matrix Partners China. “We are greatly optimistic about the enormous market potential for endoscopic procedures and surgical robotics in China. Under the experienced leadership of Dr. John Ma, Ronovo has already recruited a world-class R&D team and began working with renowned clinical KOLs. We look forward to seeing Ronovo democratize MIS with innovations that are tailored to clinical needs.”
“I have had the pleasure and privilege of working with the Ronovo Surgical founding team since conception and company inception,” said Dr. Hongbo Lu, Managing Partner at Vivo Capital. “Vivo has made significant investments in the space outside of China. We are proud to support Ronovo and its exceptional team to achieve its vision of providing robotic solutions to the surgical market in China through innovative internal development and strategic partnerships.”
“Robotics-driven digital surgery is clearly a rising trend for MIS, with great market potential and tremendous room for innovation both globally and in China,” said Dr. Yi Shi, Founding Managing Partner of LAV. “As a highly committed investor in the digital surgery space, we have backed Ronovo Surgical from incubation stage. We are proud of what the company has achieved so far and have great conviction of Ronovo’s team and mission. We are also very excited to work with the prestigious investors from Series A who share the same vision to support Ronovo’s exciting journey to leapfrog existing surgical technologies.”
“We believe in the team’s strong focus on customers and global partnership approach, which not only augments their internal capabilities but also accelerates the realization of their technology platform vision to address many unmet clinical needs in surgery,” said Jenny Lee, Managing Partner of GGV Capital. “We would love to continue to support Ronovo Surgical to success.”
About Ronovo Surgical
Founded in 2019 and headquartered in Shanghai, Ronovo Surgical is built by industry veterans from global leaders in surgical and industrial robotics, such as Intuitive Surgical, Johnson & Johnson, Medtronic and KUKA. Aiming to transform how surgery is performed in China, Ronovo is leveraging robust R&D capabilities and strategic partnerships globally to accelerate the development of a broad portfolio of MIS and digital surgery solutions that exemplify the core themes of simplicity, precision, and intelligence.
About Matrix Partners China
Matrix Partners China is an early-stage venture capital firm in China that was founded in 2008. With biopharmaceutical and medical technologies as the fund’s most dedicated areas, Matrix Partners China is committed to developing long-term relationships with outstanding entrepreneurs and helping them build significant, industry-leading companies.
About Vivo Capital
Founded in 1996, Vivo Capital is a leading global healthcare investment firm with a diverse, multi-fund investment platform in venture capital, growth equity, buyout, and public equities. The firm has approximately $5.8 billion in assets under management and has invested in over 280 public and private companies worldwide. Headquartered in Palo Alto, California, the Vivo team consists of more than 50 multi-disciplinary professionals. Vivo invests broadly in healthcare across all fund strategies, including biotechnology, pharmaceuticals, medical devices, and healthcare services, with a focus on the largest healthcare markets globally.
About Lilly Asia Ventures
Lilly Asia Ventures (LAV) is a leading biomedical venture capital firm founded in 2008, with offices in Shanghai, Hong Kong, and Menlo Park. LAV’s vision is to become the trusted partner for exceptional entrepreneurs seeking smart capital and to build great companies developing breakthrough products that can treat diseases and improve human health.
About GGV Capital
GGV Capital is a global venture firm that invests in local founders, with investments in the United States, Canada, China, Southeast Asia, India, Latin America, and Israel from offices in Silicon Valley, San Francisco, Singapore, Shanghai, and Beijing. As a multi-stage, sector-focused firm, GGV Capital invests in seed-to-growth stage companies across three sectors: Social/Internet, Enterprise Tech, and Smart Tech. Over the past two decades, the firm has backed more than 400 companies around the world.
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