China’s Cornerstone Robotics raises $112m
China-based Cornerstone Robotics, a surgical robots specialist, has raised a CNY 800m (USD 112m) round featuring BridgeOne Capital and Lenovo Capital & Incubator Group.
Existing investors Tsing Song Capital, DragonBall Capital, Qiming Venture Partners, Lilly Asia Ventures, New World Development Company, and early-stage venture capital firm K2VC re-upped, according to a statement.
Cornerstone was founded in September 2019 by Kwok Wai Samuel Au, an engineering professor at the Chinese University of Hong Kong. It has development pipelines in various categories, including soft tissue surgical robots and luminal surgical robots.
The company’s first-generation luminal surgical robot has completed animal trials and entered the human clinical stage. The product aims to apply for medical device certification for global usage.
There are more than 100 staff, with branches in Shenzhen, Hong Kong, Beijing, and the US. Shenzhen is the manufacturing base.
The company highlighted industry research predicting the global surgical robots market will grow 27.1% a year on average, reaching USD 28.5bn by 2025. By 2030, it is expected to be worth USD 61.9bn.
In 2021, Ping An Capital led a USD 100m Series D for China's RainMed Medical, which specialises in panvascular interventional robotics. The following year, IDG Capital joined a Series A of several hundred million renminbi for Sustao, which is developing a platform for fully automating surgical robots.
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