Cydar Medical Ltd raises €10.5m in Series A financing

Besides Pembroke Venture Capital Trust as cornerstone investor with €3.7m (£3m), new investor Downing LLP and existing seed investors supported the investment round. The proceeds will enable Cydar Medical to advance its artificial intelligence (AI) surgical maps platform and bolster the company’s commercial expansion. Cydar Medical uses cutting-edge AI technology to support clinicians undertaking image-guided minimally invasive surgery (MIS).

The company’s first product, Cydar EV (endovascular) Maps, is being used at 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. 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. Cydar Medical’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 Series A funding round will support the expansion of the Company’s operations, R&D, business development and customer onboarding and 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.