Cornerstone Robotics Secures RMB 500 Million Series B Funding to Advance Innovative Surgical Robot Development

VCBeat (WeChat ID: vcbeat) recently learned that in November 2021, Cornerstone Robotics, a leader in innovative surgical robot technology, announced the completion of its Series B financing round. The round raised RMB 500 million and attracted several well-known industry investors, including Lilly Asia Ventures, Meituan Longzhu, and New World Development Group. Existing shareholders Qiming Venture Partners, China Tsing Song Investment Ltd, Gaorong Capital, and K2VC also increased their investments.

The proceeds from this round of financing will be primarily used for the research and development, clinical trials, market launch and promotion, new product portfolio expansion, and establishment of cutting-edge technology platforms for surgical robots, enabling patients in China and around the world to access high-end medical services more rapidly.

Cornerstone Robotics was established in September 2019. Its founding team comprises world-class experts in medical surgical robotics, with decades of deep industry experience. The company is dedicated to the development of innovative surgical robots and has completed a multi-pipeline layout covering soft-tissue surgical robots and other major specialized surgical robotic systems. Currently, Cornerstone Robotics has completed the product development of its multi-port laparoscopic surgical robot and will rapidly enter the clinical trial phase. The company’s multi-port laparoscopic surgical robot has received widespread acclaim from numerous leading clinical experts both in China and abroad for its smooth operation, precise control, realistic visualization, and outstanding performance, securing a leading position in domestic technology.

After two years of rapid development, Cornerstone Robotics has established R&D centers in Shenzhen (China), Hong Kong (China), and the United States, assembling a professional team of hundreds. The company has built its underlying technology and industrialization platforms, achieving full independent research and development of core technologies, including mechanical architecture, electrical architecture, software architecture, complex algorithms, and visual imaging systems. Moving forward, Cornerstone Robotics will continue to focus on and meet the core clinical demands for safe, effective, and reliable surgical robots, actively pursuing regulatory approvals and market launches of high-quality products in China and globally to serve patients and healthcare providers worldwide.

Cornerstone Robotics is committed to building a safe and efficient surgical robot platform, continuously scaling new heights in medicine, enabling more patients and healthcare providers to benefit from advanced medical devices, and increasing the accessibility of high-end medical services in China and around the world.

Meituan CEO Wang Xingstated, “Meituan believes that technology will make people’s lives better. We hope to join hands with industry leaders to facilitate the clinical adoption and domestic substitution of high-quality medical products, advance medical technological progress, and bring a better life to a broader patient population. This aligns closely with Meituan’s mission.”

Meanwhile,Jiaxin Li, Partner at Lilly Asia Ventures“Intelligent surgical technology based on robotic platforms represents a major trend in the field of innovative medical devices. There is substantial unmet clinical demand both domestically and internationally, alongside significant technical barriers and ample room for innovation. Lilly Asia Ventures remains firmly bullish on the development of surgical robots, having made deep strategic investments to support leading companies in China and abroad in accelerating their growth. We highly recognize the rapid progress achieved by the Cornerstone Robotics team within just two years, as well as the entrepreneurial spirit they have demonstrated. As a company with strong product capabilities and execution excellence, we believe that Cornerstone Robotics will undoubtedly provide high-quality intelligent surgical products to clinical experts in China and around the world, thereby delivering greater clinical benefits to patients.”

Dr. Guowei Ou, Founder of Cornerstone Robotics“Thank you to our new and existing shareholders for their strong recognition and steadfast support of Cornerstone Robotics! We also extend our gratitude to all members of the Cornerstone Robotics team for their unwavering commitment to and persistent pursuit of the company’s vision. Since its inception, Cornerstone Robotics has remained true to its original mission of developing safe and efficient surgical robots, insisting on independent research and development of core technologies, building a comprehensive system platform, and always prioritizing the fulfillment of actual clinical needs. Through continuous innovation, we have addressed key pain points in the industry. After two years of rapid development, the company has established a business presence across three major global regions and has received full affirmation from leading clinical experts both domestically and internationally regarding product performance. Looking ahead, Cornerstone Robotics will further accelerate new product development, advance clinical trials, and expedite market launch and sales, rapidly delivering safe, efficient, trustworthy, and high-quality surgical robot products and services to top-tier clinical institutions in China and around the world, thereby benefiting more healthcare professionals and patients globally.”

Lilly Asia Ventures (LAV) is a premier venture capital fund dedicated to investing in the life sciences and healthcare sectors. Headquartered in Shanghai, China, with offices in Hong Kong, China, and Silicon Valley, USA, our long-term vision is to build exceptional companies that overcome diseases and improve human health through breakthrough products, and to serve as a trusted partner for outstanding entrepreneurs seeking smart capital.

Meituan Longzhu was established in 2017 and currently manages multiple RMB and USD-denominated funds. Committed to becoming a key supporter of the most outstanding entrepreneurs in the consumer and technology sectors, Meituan Longzhu strives to make the world a better place through investment. Leveraging the Meituan ecosystem, its investment philosophy aligns closely with Meituan’s business principles: identifying major opportunities ahead of the market through in-depth research, and making significant long-term investments in winners based on rigorous project assessment.

New World Development Company Limited (00017.HK) operates in property development and investment, highway operations, business aircraft leasing, construction, insurance, hotels, healthcare services, and other sectors. Dr. Adrian Cheng is the driving force behind the New World Group and Chow Tai Fook Group. He has maintained a sustained focus on the healthcare sector, with representative investments including domestic and international biopharmaceutical projects such as Alphamab Oncology, Athenex, Keymed Biosciences, Extreme Vision Biotech, Biocytogen, 3D Medicines, Transcenta Holding, and Cothera Bioscience, as well as healthcare service projects such as WeDoctor, Sanbo Brain Hospital, and New Century Children’s Hospital.

Qiming Venture Partners, established in 2006, has successively set up offices in Shanghai, Beijing, Suzhou, Hong Kong, Seattle, Boston, and the San Francisco Bay Area. Currently, Qiming Venture Partners manages ten U.S. dollar funds and six RMB funds, with total assets under management reaching US$6.2 billion. Since its inception, the firm has focused on investing in outstanding early-stage and growth-stage companies in sectors such as TMT and Healthcare. To date, Qiming Venture Partners has invested in more than 430 high-growth innovative enterprises, among which over 170 have exited through listings on exchanges including the New York Stock Exchange, NASDAQ, Hong Kong Stock Exchange, Taipei Exchange, Shanghai Stock Exchange, and Shenzhen Stock Exchange, as well as through mergers and acquisitions. More than 40 of its portfolio companies have become industry-recognized unicorns and super unicorns.

Qingsong Capital is a startup-focused private equity investment firm specializing in biotechnology and healthcare. Its management team possesses extensive experience in the medical industry and private equity investment. Qingsong Capital is committed to growing alongside the most innovative biomedical enterprises, driving technological and commercial innovation in China’s life sciences and healthcare sectors. Adhering to a research-driven investment approach, the firm actively participates in the development of its portfolio companies, with deep expertise in biotechnology, pharmaceuticals, medical devices, innovative healthcare services, and the intersection of the broader health industry with frontier technologies. Since its establishment, the fund has completed investments in numerous star projects across various specialized sectors.

Gaorong Capital is one of the most active venture capital firms in China, dedicated to identifying outstanding entrepreneurs and building long-term value alongside them. Gaorong Capital focuses on early-stage and growth-stage investments, with a particular emphasis on innovative sectors such as new consumer trends, emerging technologies, and healthcare. The total assets under management of its USD and RMB funds amount to approximately RMB 30 billion. To date, 20 companies invested in or held by Gaorong Capital have successfully completed initial public offerings (IPOs), and more than 30 portfolio companies have achieved valuations exceeding USD 1 billion, with many growing into industry leaders. In the healthcare sector, Gaorong Capital continues to invest in leading enterprises across digital health, medical services, novel drug development, medical devices, and diagnostics.

Founded in 2010, K2VC specializes in early-stage investments in the new economy. It has invested in over 600 high-growth startups. Its affiliate, Xianfeng Changqing, excels at keenly identifying industry trends and discovering outstanding entrepreneurial teams at an early stage, with extensive investments in frontier technologies, the internet, and consumer sectors. Xianfeng Qiyun focuses on investments in healthcare, systematically laying out a portfolio in innovative drugs and innovative medical devices, and has nurtured multiple leading enterprises in niche markets.