Pioneering company eliminates adoption barriers to navigated and robotic joint replacement through new radar surgical tracking technology and small footprint, cost-effective surgical solutions
NEW YORK, Jan. 04, 2022 (GLOBE NEWSWIRE) -- Caira Surgical announced its latest influx of $5M seed capital in an oversubscribed series seed financing that closed last month. Caira's investor syndicate includes smart-money venture and strategic MedTech investors.
Caira's proprietary technology seeks to revolutionize the usability, safety, and accessibility of advanced surgical navigation and robotics for orthopedic surgery. The company's first product is a breakthrough sub-millimeter-accurate radar tracking system for knee replacement surgery. The system leverages advanced radar technologies to overcome line-of-sight interference and eliminate invasive surgical hardware and high-cost, large footprint capital equipment inherent with incumbent surgical tracking systems.
"We're thrilled to achieve this funding milestone in partnership with our industry-savvy investors," said Jon Greenwald, Co-Founder & CEO of Caira Surgical. The strategic Medtech leader of more than 20 years explained, "the series seed funding enables Caira to continue developing our breakthrough technology and positively impact orthopedic surgery and patient welfare. Additionally, the composition, commitment, and enthusiasm of our investor syndicate ensure that Caira will have continued access to the funding and resources necessary to realize our technology vision and meet our commercial objectives."
Series seed investors include a leading OUS Strategic and several MedTech venture funds. These include U.S.-based Mountain State Capital; Amsterdam-based Snowboat BV, a Dutch fund formed by the founders of Avania Clinical (previously Factory-CRO); and Grenoble, France-based Haventure, founded by Stephane Lavallee, Ph.D. Dr. Lavallee is also the Founder of surgical robotics company eCentenial. Previously, Dr. Lavallee founded surgical technology company, Orthotaxy, which was acquired by Johnson & Johnson Medical Devices Companies, through French affiliate Apsis S.A.S. in 2018.
Caira's previous funding includes a pre-seed Friends & Family financing closed in 2020. In addition, the company received a National Science Foundation Small Business Technology Transfer Grant for $256,000 to research and develop novel radar-based tracking for navigation and robotics in orthopedic surgery.
In 2021 Caira was selected as one of only 25 companies to participate in the MedTech Innovator Accelerator and was recognized as a Top 5 Finalist for the MedTech Innovator Execution Award. The company was also awarded residency and access to Johnson & Johnson Innovation – JLABS @ NYC in lower Manhattan.
Caira's sizeable addressable market for navigated and robotic technology for joint replacement totaled $5.1 Billion in 2019, projected to grow to over $13 Billion by 2030.
Caira is developing its groundbreaking innovations as a platform technology that will expand to address hip and shoulder replacement surgery and spinal applications.