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SINGAPORE medical robotics company EndoMaster said on Thursday it has raised S$20.5 million in Series B funding, said to be one of the largest such amounts for a medical technology (medtech) company here.
EndoMaster, a spin-off by Nanyang Technological University and National University of Singapore, has developed a robotic-assisted surgical system that removes gastro-intestinal cancer tumours without the need for surgical incisions on the body or organ.
Its non-invasive way of removing the tumours - similar to how stents and balloon catheters replace open heart surgery - is believed to lower surgery time to under one hour. According to the company, clinical trials have also shown it to reduce complications rate to below 5 per cent, and reduce hospital stays to less than one day.
EndoMaster, with its proprietary robotic technology and algorithms, seeks to launch its product in Europe in late 2018, and to surpass S$100 million in revenue within five years of product launch.