Cornerstone Robotics Bags $78.4 Million in Series B Financing, With Investment From Meituan’s VC Fund DragonBall

cornerstone robotics
(Source: Cornerstone Robotics)

On Monday, Cornerstone Robotics Limited, an innovative surgical robotics developer, announced the completion of its Series B financing in which it garnered 500 million yuan ($78.4 million). The new funds were provided by a number of well-known investment institutions in the industry, including Meituan’s venture capital (VC) fund DragonBall Capital, Lilly Asia Ventures (LAV) and New World Development Group. Previous shareholders Qiming Venture Partners, China TsingSong Capital (CTS), Gaorong Capital and K2VC continued to make additional investments.

This round of financing is mainly to be used by the firm for product R&D, clinical trials, marketing promotion, new product layout and the construction of cutting-edge technology platforms of surgical robotics, so that patients in China and around the world can enjoy high-end medical services faster.

Established in September 2019, the founding team of Cornerstone Robotics includes the world’s top surgical robotics experts, dedicated to the development of innovative products. At present, the company has completed the development of porous laparoscopic surgery robotic products, which will quickly enter the clinical trial stage.

After two years of rapid development, Cornerstone Robotics has set up R&D centers in Shenzhen, Hong Kong and the United States, building professional teams of hundreds of people. Now the company has completed the construction of the underlying technology platform and industrialization platform, fully mastered and realized the independent research and development of core technologies such as mechanical architecture, electrical architecture, software architecture, complex algorithms and visual imaging systems.

SEE ALSO: Source Code Capital, ByteDance and Meituan Shareholder, Raises RMB Fund Worth $1.1 Billion

Wang Xing, Meituan’s CEO, said: “Meituan believes that science and technology will make people’s lives better. We hope to join hands with industry leaders to help the clinical popularization and domestic substitution of high-quality medical products, promote the progress of medical science and technology, and bring a better life to a wider range of patients. This is also highly compatible with our mission.”