Ronovo Surgical Secures Tens of Millions in Pre-B Funding to Advance Modular, Compact Laparoscopic Surgical Robot System for Multi-Specialty Adoption

Recently, Ronovo Surgical (Shanghai) Medical Technology Co., Ltd. (hereinafter referred to as “Ronovo”) completed a Pre-B financing round worth tens of millions of U.S. dollars.This funding round was led by LRI Jiangyuan Investment, with all existing shareholders—including Lilly Asia Ventures, Vivo Capital, Matrix Partners China, and GGV Capital—participating in the follow-on investment, demonstrating their continued support and confidence in the company’s growth. China Renaissance served as the exclusive financial advisor to Ronovo in this financing round.

The funds from this financing round will be used to accelerate multi-specialty clinical trials of Ronovo’s modular surgical robot, strengthen the R&D of the company’s platform-based products and build its clinical capabilities, as well as intensify talent development efforts. Ronovo is developing a modular, dexterous laparoscopic surgical robot system designed around the surgical workflows of Chinese laparoscopic surgeons. It allows for flexible selection of instrument types, quantities, and configurations, thereby preserving and enhancing surgeons’ existing expertise while enabling laparoscopic procedures across more specialties to be performed on the robotic platform. Its innovative single-arm modular cart design features a smaller footprint and more flexible space utilization, providing surgeons and nurses with ample, adaptable working space and better accommodating the existing operating room environments in China’s secondary and tertiary hospitals.The Company believes that the differentiated clinical capabilities and cost-effectiveness of its modular laparoscopic surgical robot system will significantly accelerate the widespread adoption of robotic minimally invasive surgery across general surgery, gynecology, thoracic surgery, urology, and other specialties.

Dr. Ma Changzheng, Founder of Ronovostated: “We thank both new and existing shareholders for their recognition of and confidence in the company’s strategic direction toward accessible robotic surgery. Since its inception, Ronovo has firmly believed that innovation need not begin with imitation, and has remained committed to an original path focused on addressing real clinical needs. In response to the actual demands of nearly ten million patients undergoing minimally invasive surgeries annually, 120,000 endoscopic surgeons, and more than 10,000 secondary and tertiary hospitals in China, the company has developed innovative, modular, and dexterous product designs and holds complete independent intellectual property rights. The oversubscription of this financing round will accelerate the conduct of multi-specialty clinical trials and the development of platform-based products.”

Co-founder Dr. Mao YingHe stated, “Over the past decade, emerging laparoscopic surgical robot platforms internationally have unanimously adopted modular designs to address the challenge of expanding robotic surgery into specialties beyond urology. In addition to the da Vinci Surgical System, the CMR Versius surgical robot—the only other system globally that has achieved successful commercialization and stable clinical deployment—also employs a modular design. We are delighted that Ronovo has assembled a team with extensive industry experience and strong capabilities in independent R&D. Leveraging this expertise, our modular, dexterous laparoscopic surgical robot has achieved breakthroughs and innovations in core technologies, offering a smaller footprint, more flexible positioning, greater ease of use, and enhanced precision.”

LRIZhang Jiang, Founder and CEO of Jiangyuan InvestmentRonovo is a leading domestic enterprise in modular surgical robotics, boasting an outstanding team that combines global vision, deep industrial expertise, and efficient execution. By gaining profound insights into market trends, the company has developed core products that closely align with the real-world clinical needs in China. We are delighted to support Ronovo in further advancing its product R&D and clinical applications. We also believe that the modular laparoscopic surgical robot developed by the team will create differentiated commercial and clinical value, while continuously progressing toward internationalization.

Dr. Yi Shi, Founding Partner of Lilly Asia VenturesStatement: As early investors in the company, we have witnessed Ronovo’s rapid growth over the past few years and sincerely appreciate the team’s strong self-motivation, execution capabilities, and original commitment to creating clinical value for patients and physicians. We remain firmly optimistic about the long-term development of digital surgery anchored by surgical robotics, and we believe that Ronovo will continue to innovate and forge ahead in the field of digital surgery.

Dr. Lu Hongbo, Managing Partner at VIVO CapitalRonovo has remained committed since its inception to developing an innovative surgical robotics platform with independent intellectual property rights, designing equipment and instruments that align with the foundational infrastructure and affordability of China’s healthcare system. These efforts aim to further standardize surgical procedures, shorten training periods, and reduce the physical burden on surgeons. Weicheng Wu deeply understands and endorses Ronovo’s market and product development philosophy. He is profoundly impressed by Dr. Ma Changzheng, Dr. Mao Ying, and their team’s original intention to serve the Chinese market, as well as their exceptional execution capabilities and rapid product development speed. As an early investor, we welcome new investors joining us in supporting Ronovo and the development and global expansion of China’s surgical robotics industry.

Sun Linghao, Managing Director at Matrix Partners ChinaStatement: The founding team of Ronovo possesses extensive industrial experience that is rare within the industry. As the lead investor in Series A financing, we have witnessed the company’s high execution efficiency over the past year, with its R&D progress and product user experience setting multiple industry records. The company’s modular surgical robot platform features fully independent intellectual property rights, demonstrating significant differentiated positioning in clinical applications, and we believe it holds broad market prospects. We look forward to continuing our support for the company as it evolves into a next-generation surgical robot platform with global platform innovation and product influence.

GGVJenny Lee, Managing Partner at GGV CapitalStatement: We are pleased to see the significant progress the company made in product R&D in 2022, completing multiple rounds of prototype iterations. We strongly endorse Ronovo’s core strategy, which leverages its proprietary technologies on a foundation of innovation to seek global partnerships and rapidly and agilely respond to the growing needs of physicians and patients in China’s minimally invasive surgical market. We support Ronovo’s development vision and look forward to the company’s success.

Li Jin, Managing Director of the Medical Technology and Devices Team at China RenaissanceStatement: Ronovo is a rare innovative medical technology company in China’s surgical robotics sector that was founded with a focus on addressing unmet clinical needs and ensuring commercial viability. I am deeply impressed by the founding team’s extensive experience in the R&D and commercialization of soft-tissue surgical robots, as well as their strong execution capabilities. We are honored to have assisted the company in successfully completing this round of financing, and we extend our gratitude to both new and existing shareholders for their continued support.

Ronovo, founded in 2019, specializes in the digitalization and intelligentization of minimally invasive surgery. It is one of the few soft-tissue surgical robotics platform companies in China co-founded by distinguished business leaders and top-tier R&D engineering teams. Dr. Ma Changzheng, the founder, previously served as Senior Vice President of Strategic Development at Intuitive Surgical and as a Global Partner at Fosun Group, bringing over a decade of experience in the R&D and commercialization of surgical robots. Dr. Mao Ying, the co-founder, formerly led system engineering and control algorithm R&D for laparoscopic robotic systems at Auris Health and was a co-founder of Dreamworld AR, with more than ten years of R&D experience in the robotics field. The company’s core team comprises professionals from renowned domestic and international enterprises in surgical robotics, industrial robotics, large-scale medical equipment, and surgical consumables, possessing extensive experience in product development and implementation. Furthermore, Ronovo boasts robust global clinical and technical resources and has established long-term, close collaborations with numerous experts and clinical advisors in the field of surgical robotics.

LRILongRiver Investments, established in 2022, focuses on investments in the healthcare and technology sectors, aiming to support enterprise development, connect industry resources, and share long-term returns. Founder Zhang Jiang previously served at a globally leading integrated financial group, where he built and led its VC/PE investment team in 2012. Over the past decade, the team has raised multiple USD and RMB funds and invested in more than 40 healthcare and technology companies worldwide, with nearly 20 of them listed on stock exchanges both domestically and internationally. The team possesses comprehensive capabilities in sourcing deals, conducting due diligence, providing value-added support, and executing successful exits. We are honored to partner with numerous outstanding stakeholders to build an industry ecosystem, integrate new drivers for global industrial development, and help cultivate the next generation of industry leaders.

Lilly Asia Ventures is a leading biomedical venture capital firm founded in 2008, with offices in Shanghai, Hong Kong, and Silicon Valley. Its vision is to be a trusted partner to outstanding entrepreneurs in the life sciences sector, co-building great companies and developing breakthrough products that treat diseases and improve human health.

OrbiMed was founded in 1996 and is a globally leading healthcare investment firm. We offer a diversified, multi-fund investment platform that includes early-stage venture capital funds, private equity funds covering growth-stage to buyout transactions, and public market funds. The firm manages approximately $6.5 billion in assets and has invested in more than 300 public and private companies worldwide. Headquartered in Palo Alto, California, OrbiMed boasts a team of over 50 multidisciplinary professionals. Across all fund strategies, OrbiMed focuses on the world’s largest healthcare markets, with broad investments in biotechnology, pharmaceuticals, medical devices, and healthcare services.

Matrix Partners China, founded in 2008, is a leading venture capital firm in the industry with a long-term focus on early-stage and early-growth investments. It specializes in investing in new technologies, hard tech, industrial digitalization, healthcare, frontier technologies, and new consumption. To date, it has invested in more than 700 companies, including XPeng Motors, Li Auto, XGIMI Technology, Ronbay Technology, Hithium Energy Storage, PingCAP, Beisen, SiEngine, Taimei Medical Technology, The Beast, Zihai Guo, Jian Ai, and MegaRobots.

GGVGGV Capital is a venture capital firm focused on global enterprises, managing 17 funds with approximately $9.2 billion in assets under management. It maintains offices in Silicon Valley, San Francisco, Shanghai, Beijing, and Singapore. GGV Capital invests in startups across frontier technologies, internet services, enterprise services and cloud computing, consumer sectors, and new retail. The firm has invested in more than 420 companies, including Alibaba, Didi Chuxing, Qunar, Airbnb, Full Truck Alliance, and Toutiao. With a long-term focus on global markets and deep local engagement, GGV Capital integrates cross-border insights and has accumulated unique resources to strongly support entrepreneurs in their continuous innovation and expansion.

China New Economy Investment Banker of the Year: iCapitaliCapital is a leading new-economy investment bank in China, focusing on three major sectors globally: TMT, consumer, and healthcare. In addition to its investment banking services, iCapital manages one RMB-denominated fund and one USD-denominated fund. The firm has offices in Beijing, Shanghai, Los Angeles, and San Francisco, and holds licenses to operate in the U.S. securities markets. Healthcare is a key focus area where iCapital possesses deep expertise; it has ranked for five consecutive years as the new-economy investment bank with the highest number of healthcare deals in China. Meanwhile, iCapital boasts the largest, most professional, and most comprehensively integrated healthcare investment banking team in the country.