Ronovo Surgical Completes Hundreds of Millions RMB Series A Financing to Advance Minimally Invasive and Digital Surgery

VCBeat has learned that Shanghai Ronovo Surgical (hereinafter referred to as “Ronovo”) has successfully completed its Series A financing round, raising hundreds of millions of RMB. Ronovo is an innovative medical technology company specializing in minimally invasive surgery (MIS) and digital surgical solutions, committed to meeting the substantial demand in China’s surgical market through innovative technologies.

Founded in Shanghai in 2019, Ronovo brings together renowned experts in minimally invasive surgical robotics and distinguished minimally invasive surgeons from both China and abroad. Driven by the dual engines of independent R&D and global collaboration, and in response to the national demand for continuous advancement in clinical diagnosis and treatment technologies under the Healthy China initiative and healthcare reform, Ronovo is committed to building a minimally invasive and digital technology platform and ecosystem centered around the operating room.

Ronovo’s Series A financing round was co-led by Matrix Partners China and Vivo Capital, with follow-on investments from GGV Capital and Lilly Asia Ventures, which continued its support after participating in the seed round.

“Ronovo has secured strong support for its corporate development strategy from top-tier investors in the life sciences and technology sectors, including Matrix Partners China, Vivo Capital, and GGV Capital, during this Series A financing round. We are also honored to have our founding investor, Lilly Asia Ventures, continue its participation. We take great pride in this achievement. Ronovo has completed its initial preparations and assembled its core team, and has already embarked on in-depth R&D. We will focus on the development of our core products and pursue strategic collaborations across multiple pipelines, thereby accelerating the commercialization of our core products,” said Dr. Ma Changzheng, Founder, Chairman, and CEO of the company.

“We firmly believe that our team is the core competitiveness of Ronovo. Upholding a people-centric philosophy, the company has assembled a core team composed of leaders from top-tier domestic and international medical device companies and the robotics industry. We are committed to providing comprehensive digital surgical solutions to hospitals in China, optimizing clinical outcomes for patients and alleviating their financial burden,” said Dr. Mao Ying, Co-Founder and Chief Technology Officer.

Sun Linghao, Investment Director at Matrix Partners China, stated, “Ronovo represents another key investment for us in the field of surgical robotics. We are optimistic about the significant market potential for domestic substitution in the laparoscopic and surgical robotics sectors. Led by Dr. Ma, who brings extensive industry experience, Ronovo has rapidly assembled an R&D team and a clinical expert team of international caliber. We look forward to the company providing more innovative, minimally invasive surgical solutions that are better aligned with clinical needs and more accessible to patients in the future.”

“I am honored to have worked with the founding team of Ronovo Surgical, from the project’s inception to the company’s establishment,” said Dr. Lu Hongbo, Managing Partner at Vivo Capital. “Vivo has high expectations for Ronovo and its outstanding team, hoping that through internal innovation and strategic partnerships, they will realize their vision of providing robotic solutions for the Chinese surgical market. Vivo aims to leverage its existing investment resources in the surgical robotics sector to help Ronovo achieve rapid growth.”

“Robot-driven digital surgical technology represents a major trend in the field of minimally invasive surgery, harboring significant market opportunities and ample room for technological innovation both in China and internationally.” Congratulated Dr. Shi Yi, Founding Managing Partner of Lilly Asia Ventures. “As investors with firm conviction in the digital surgery sector, we have fully supported Ronovo’s development since its incubation stage. We are proud of the progress the company has achieved to date and are confident in the team’s ability to fulfill its mission. We share the same vision as other Series A investors and are thrilled to collaborate with numerous top-tier investors to support the company’s rapid future growth.”

Li Hongwei, Managing Partner at GGV Capital, stated, “We strongly align with Ronovo Surgical’s core strategy: leveraging its proprietary technologies on a foundation of innovation to seek global collaborations, while rapidly and agilely addressing the growing needs of physicians and patients in China’s minimally invasive surgical market. We support Ronovo’s vision and look forward to the company’s success.”

Ronovo was co-founded in Shanghai in 2019 by industry experts from both China and abroad, hailing from global leaders in surgical and robotic industries such as Intuitive Surgical, Johnson & Johnson, Medtronic, and KUKA. Leveraging its robust R&D capabilities and global strategic partnerships, Ronovo accelerates the development and collaboration in minimally invasive surgery and digital surgical solutions, committed to driving innovative transformation in traditional operating rooms centered on streamlining, precision, and intelligence.

Matrix Partners China, established in 2008, is a leading venture capital firm in China. Over the past decade since its inception, it has remained deeply rooted in the local market, steadfastly supporting Chinese entrepreneurs. To date, Matrix Partners China has invested in more than 700 companies. Notable portfolio companies include Didi Chuxing, Yuanfudao, Chehaoduo Group, Momo, Ele.me, Li Auto, XPeng Motors, Peijia Medical, iSpace, So-Young, Futu Holdings, LexinFintech, Taimei Medical Technology, Drug Research Club, and Ronbay Technology.

OrbiMed was founded in 1996 and is a global leading healthcare investment firm. We offer a diversified, multi-fund investment platform, including early-stage venture capital funds, private equity funds covering growth-stage to buyout investments, and public market funds. The firm manages approximately $5.8 billion in assets and has invested in more than 280 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.

Lilly Asia Ventures is a leading biomedical venture capital firm established in 2008, with offices in Shanghai, Hong Kong, and Silicon Valley, USA. Its vision is to be a trusted partner for outstanding entrepreneurs seeking capital, jointly building great companies and developing breakthrough products that treat diseases and improve human health.

GGV 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 focuses on startups in frontier technologies, internet services, enterprise services and cloud computing, consumer sectors, and new retail. It has invested in more than 420 companies, including Alibaba, Didi Chuxing, Qunar, Airbnb, Full Truck Alliance, and Toutiao. As of March 2021, 68 of GGV Capital’s portfolio companies had achieved unicorn status, and 48 had successfully gone public. With a long-term commitment to global markets, deep local engagement, and integrated cross-border expertise, GGV Capital has accumulated unique resources to robustly support entrepreneurs in their continuous innovation and expansion.