Neocis, the maker of a surgical robot that can assist dentists during implant surgeries, secured $40 million in a funding round supported by California-based Intuitive Ventures.
The capital will fuel the Miami manufacturer's research and development, marketing, sales and clinical support efforts. The company's U.S Food and Drug Administration-approved robot, called the Yomi, maps out implant procedures in advance for dentists and then guides their hands during surgery to execute the plan. That results in smaller incisions, less pain and faster recoveries for patients.
That piqued the interest of Intuitive Ventures, a company that invests in minimally invasive health care devices.
"We believe [in] Neocis’ deep commitment to addressing customer and patient need through a broadening robotic ecosystem and their impressive technology platform that expands access to high-quality dental care," said managing director Oliver Keown, managing director of the venture capital firm.
Mithril Ventures, a fund co-founded by billionaire tech entrepreneur and venture capital Peter Thiel, Norwest Venture Partners and medical device entrepreneur Fred Moll also contributed to the investment round.
Neocis reports its device has assisted in the placement of more than 20,000 implants since 2016. Founded in 2009, the company is backed by $160 million in investor capital and employs 170 people at its Wynwood headquarters.
“This new backing underscores Neocis’ strong position in a growing market and will help us further our product development and commercial efforts," Neocis CEO Alon Mozes said.
Replacing missing teeth with an implant is more complicated than it may sound, Mozes previously told the Business Journal. Dental surgeons have to navigate through nerves in the jaw and sinuses when performing the procedure, which can be risky.
“The accuracy of a surgical robot provides a real clinical benefit," he said. "You know the implant is going to end up in the right place where it won’t do damage to the patient’s anatomy.”
Mozes is among a group of former Mako Surgical leaders and employees who have gone on to form medical robotics ventures in South Florida, cementing the region's status as a leader for medical technology innovation. Davie-based Mako Surgical, the maker of a robotic-assisted arm for joint replacement surgeries, was acquired by Stryker Corp. for $1.65 billion in 2013.
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