RCS - Cydar Ltd - Cydar Medical raises $11.5m (£9.3m) in Series A
13/02/2023 08:15
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RNS Number : 6428P Cydar Ltd 13 February 2023
CYDAR MEDICAL RAISES $11.5M (£9.3M) IN SERIES A FUNDING ROUND
Successful fundraising led by Pembroke VCT and Downing Healthcare Ventures
Proceeds will enable the Company to rapidly scale-up the commercial roll-out
of its 3D AI surgical maps product and continue to advance its plans to create
value across its innovative cloud-based technology platform
Andrew Wolfson and Dr Nigel Pitchford appointed as Non-Executive Directors
CAMBRIDGE, UNITED KINGDOM, 13 FEBRUARY 2023 - Cydar Medical ("Cydar" or "the
Company") a global, cloud-based surgical software company, announces it has
successfully completed a $11.5 million (£9.3 million) Series A funding round
including a $3.7 million (£3 million) cornerstone investment by Pembroke
Venture Capital Trust ("VCT"). Proceeds will enable the Company to advance its
pioneering artificial intelligence ("AI") surgical maps platform and also
bolster the Company's ongoing commercial expansion.
Founded in 2012, Cydar Medical uses cutting-edge AI technology to transform
the way information is provided to clinicians undertaking image-guided
minimally invasive surgery ("MIS") simplifying complexities within operating
theatres. The Company's first product, Cydar EV Maps, is being used at leading
hospitals across the globe to optimise endovascular MIS procedures. The
product creates a patient specific 3D map of soft tissue, providing an
integrated solution for procedure planning, intra-operative navigation and
post-procedure review. The AI and automation of processes within the novel
software have been shown to increase clinician confidence and reduce procedure
times, reduce radiation exposure for patients and the clinical team and
improve clinical workflow efficiencies(1-3). As the AI learns from surgical
procedures it can help better inform clinical decision-making and future care.
Cydar EV Maps is a certified Software-as-a-Medical Device (with an EU/UK CE
mark and US Food and Drug Administration ("FDA") 510(k) clearance) and is
generating growing revenues for the Company.
This Series A funding round will support the expansion of the Company's
Operations, Science and Development, Business Development and Customer
Onboarding & Service teams. These expanded capabilities will support the
successful execution of the key strategic collaborations announced by the
Company last year with leading industry players, including Medtronic Vascular
Inc. and BrainLab AG. The proceeds will also enable the ongoing development of
Cydar EV Maps. That includes the planned release of the first version of Cydar
EV Intelligent Maps in H1 2023, which will enable clinicians planning their
MIS (minimally invasive surgery) cases to compare patient anatomy with prior
cases undertaken globally and will, over time, provide predictive procedure
planning capabilities. The goal is to allow patients, regardless of
geographical location, to benefit from access to the experience of the world's
leading clinicians globally. The Company also plans to release a generally
applicable Cydar Maps product offering a solution for MIS procedures beyond
the current endovascular indication.
The Series A financing was led by Pembroke VCT, managed by Pembroke Investment
Managers LLP, who focus on growth stage companies across a range of sectors.
Pembroke VCT were joined in the round by existing shareholders, as well as a
number of new investors which included Downing LLP, through its Downing
Healthcare Ventures fund, which focuses on investment in healthcare and life
science companies based in the UK. As part of the funding round, Andrew
Wolfson, Chief Executive Officer of Pembroke Investment Managers LLP and Dr
Nigel Pitchford, Head of Healthcare Ventures at Downing LLP, have joined Cydar
Medical's Board of Directors as Non-Executive Directors. They each bring over
25 years of experience in supporting the successful growth of portfolio
companies through venture capital funding. Dr Pitchford has also focused
specifically on healthcare ventures at a range of firms including Imperial
Innovations, 3i Group and DFJ Esprit.
Paul Mussenden, Chief Executive Officer of Cydar Medical commented:
"We are pleased to have closed this Series A funding round backed by Pembroke
VCT and Downing Healthcare Ventures EIS. We are also appreciative of the
significant continued support from our existing shareholders and warmly
welcome our new investors on Cydar Medical's exciting journey. We are focused
on improving patient outcomes by providing an integrated solution of
pre-operative planning, intra-operative navigation and post-operative review
for a range of procedures, using the power of AI to better inform care
decisions. This latest funding round will enable us to accelerate our vision
of using AI to bring novel integrated solutions to every step of the patient
journey in image guided MIS. Feedback from our clinicians illustrates that
these capabilities increase their confidence at every stage of the patient
pathway.
"Over the past year we have made excellent operational progress having
released significant new product functionality, enrolled the first patients in
the ARIA(4) randomised controlled clinical study to demonstrate the clinical
and cost effectiveness benefits of the use of Cydar EV Maps and agreed the
installation of the product at over 50 new centres across the UK, US and EU,
in part supported by establishing a number of important collaborations with
world leading industry players. Cydar Medical is at a key inflection point and
we are working to leverage our novel world-class platform and capabilities to
rapidly scale our intelligent surgical maps offering through increasing the
number of end-users and launching additional value-add capabilities on the
platform. We look forward to executing on our strategy and progressing towards
our vision of using Cydar's technology platform to create an ecosystem of
products, tools and services to improve delivery of healthcare to enable a
world where all surgery conducted works exactly as planned."
-ENDS-
For further information, please visit www.cydarmedical.com
(http://www.cydarmedical.com) or contact:
Cydar Medical
Paul Mussenden, Chief Executive Officer contact@cydar.co.uk (mailto:contact@cydar.co.uk)
Cynthia Azucena, Global Marketing Director
Emma Deanfield, Head of Investor Relations & Fundraising
FTI Consulting +44 (0)20 3727 1000
Ben Atwell / Alex Davis CydarMedical@fticonsulting.com (mailto:CydarMedical@fticonsulting.com)
About Cydar Medical
Cydar Medical is a global cloud-based software company that provides an
integrated solution for planning, navigation and review of surgical procedures
using the power of artificial intelligence ("AI") to augment a clinician's
decision making. Its Cydar EV Maps product harnesses the latest in cloud
graphics processing unit ("GPU") computing, computer vision and machine
learning technology to advance surgical visualisation and decision-making in
theatre, and across the surgical pathway. The Company's AI will continuously
learn from procedures conducted globally to provide predictive analytics to
assist clinicians in the operating room, enabling them to make faster, easier
and safer decisions in the future. The platform will deliver new products and
capabilities to improve the delivery of healthcare. Cydar Medical is
headquartered in Cambridge, United Kingdom, and is working towards its vision
of a world where all surgery conducted works exactly as planned.
For further information, please visit www.cydarmedical.com
(http://www.cydarmedical.com)
References and Notes
(1) Shortell C, Veith Symposium New York, 2017
(2) Southerland et al. Image-Based Three-Dimensional Fusion Computed
Tomography Decreases Radiation Exposure, Fluoroscopy Time, and Procedure Time
During Endovascular Aortic Aneurysm Repair. Journal of Vascular Surgery
Abstracts e61. Volume 67, Number 6
(3) Blandine et al. A prospective observational trial of fusion imaging in
infrarenal aneurysms J Vasc Surg. 2018 Dec;68(6):1706-1713.e1. doi:
10.1016/j.jvs.2018.04.015. Epub 2018 May 24.
(4) Artificially Intelligent image fusion system in comparison to standard
treatment to guide endovascular Aortic aneurysm repair ("ARIA")
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