EDDA Technology, a developer of intelligent robotic solutions for precision surgery, has raised $150 million in a round led by SoftBank Vision Fund 2. The company will use the proceeds to further its ambition of combining precision surgery with AI and robotics for better patient outcomes in China and worldwide.
Global healthcare investment firm OrbiMed and Hong Kong-based investment manager 3W Fund participated in the investment, alongside EDDA’s existing investors including Morningside Ventures, Matrix Partners China, SoftBank China Venture Capital, Bank of China Group Investment, Trust Bridge, and Draper Dragon, among others.
EDDA was founded in early 2003 by Qian Jianzhong, a former executive at Siemens Corporate Research, where he was in charge of R&D management in imaging, computer vision, pattern recognition, AI and robotics.
The firm brings precision 3D medical imaging solutions to support physicians and enable improved workflow and patient care in robotic surgery. Its end-to-end enabling IQQA platform supports pre-surgical planning and simulation, intra-operative navigation, and post-operative evaluation.
In a statement, EDDA said the IQQA products and services have been commercially adopted in hundreds of hospital departments, including Mayo Clinic in the US, as well as Peking Union Medical College Hospital, West China Hospital, and Shanghai Ruijin Hospital in China.
In 2020, the firm obtained a Category III registration certificate from the National Medical Products Administration (NMPA), which regulates drugs and medical devices in China, for its IQQA-Guide as the country’s first surgical navigation medical device for soft tissue organs. The product was also cleared by the US Food and Drug Administration (FDA) in November 2015.
“Modern surgery has entered a new precision era. EDDA’s solution integrates intelligent medical imaging analytics with robots for precision surgery, and overcomes the problems of lack of intelligent planning and limited image guidance in traditional robot-assisted surgeries,” said Qian, president and CEO of EDDA, in the statement.
This new funding round will support EDDA to “capture the untapped market of intelligent surgical robots including hospitals in second and third-tier cities, and utilise technologies to facilitate the diagnosis and treatment of major diseases such as cancer,” he said.