RONOVO SURGICAL CLOSES $44M SERIES B FINANCING TO ADVANCE CARINA™ PLATFORM TOWARDS COMMERCIALIZATION AND INTERNATIONAL EXPANSION

SHANGHAI and ORLANDO, Fla., June 20, 2024 /PRNewswire/ -- Ronovo Surgical, a Shanghai-based medical technology innovator developing novel surgical robotics for soft tissue procedures, announces the successful closing of its Series B financing, raising a total of $44M million from leading healthcare technology investors to accelerate the commercialization of its proprietary modular robotic system, the Carina™ Platform, in the Chinese market and set the stage for international expansion.

This round was co-led by Guolian Capital and INCE Capital, with participation from King Star Med LP and existing shareholder, LongRiver Investments.

"Securing this round of financing from such an esteemed group of investors, despite challenging capital market conditions, is significant acknowledgement of our vision, mission and the execution of the team," said John Ma, CEO of Ronovo Surgical. "Our innovation efforts for developing Carina have been laser-focused on expanding its application across multiple specialties, reducing learning curve, and improving cost-effectiveness."

Carina features a modular architecture that simultaneously exemplifies clinical capability, flexibility, accessibility and affordability. It has been highly recognized and lauded by minimally invasive surgery experts across China, US, Europe and Latin America.

"Taking Carina from concept design to completion of human clinical trial in three years, is the result of our clinical-driven approach toward engineering, practicality in design decisions and the remarkable dedication of our team. " commented Ying Mao, CTO & COO of Ronovo Surgical. "Along the way, we built out a multi-product portfolio that features surgical robotics, functional vision, and a full suite of surgical instrumentation – backed by more than 100 patent applications."

The company recently successfully completed its multi-center, multi-specialty clinical trial for Carina, which included urology, gynecology, thoracic and general surgery patients. The trial was a resounding success as all procedures were completed without conversion to laparoscopic, VATS or open surgery.

Ronovo now expects to land NMPA regulatory approval in China and begin commercialization in early 2025. To support launch efforts, the company is building a 130,000 square-foot facility to house its national clinical training center and high-volume manufacturing operations.

On the globalization front, Ronovo recently launched its first international site– the Ronovo Institute of Surgical Excellence (RISE) based in Orlando. Established to deepen clinical collaboration with top international surgical experts and medical societies, RISE represents a significant step by the company towards internationalization.

CONTACT: ZiHan Lin, [email protected]

SOURCE Ronovo Surgical, Inc.

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