EDDA Healthcare and Technology Holding Ltd. today said it has completed a financing round of $150 million (U.S.). The company said its “fully quantitative, real-time interactive” approach to imaging and robotics has enabled it to build a proprietary platform for precision surgery.
“Modern surgery has entered a new precision era,” stated Dr. Jianzhong Qian, president and CEO of EDDA Technology, as well as a fellow at the American Institute for Medical and Biological Engineering (AIMBE). “EDDA Technology's solution integrates intelligent medical imaging analytics with robots for precision surgery, and [it] overcomes the problems of lack of intelligent planning and limited image guidance in traditional robot-assisted surgeries.”
EDDA Technology's subsidiaries include Shanghai-based EDDA Technology Ltd., Suzhou, China-based EDDA Technology Medical Solutions Ltd., and Princeton, N.J.-based EDDA Technology Inc.
EDDA Technology develops end-to-end platform
EDDA said its 3D medical imaging systems and end-to-end services can support physicians and enable improved workflow and patient care in robotic surgery. The company's commercial IQQA platform supports pre-surgical planning and simulation, intra-operative navigation, and post-operative evaluation.
Hundreds of hospital departments have adopted the IQQA products and services, including Mayo Clinic in the U.S. and Peking Union Medical College Hospital, West China Hospital, and Shanghai Ruijin Hospital in China, said EDDA.
In 2020, China's National Medical Products Administration (NMPA) granted a Category III registration certificate for IQQA-Guide as the country's first surgical navigation medical device for soft tissue organs. The agency said it offers “significant clinical benefits, increasing interventional accuracy, reducing the number of needle passes and intraoperative CT scanning.” The U.S. Food and Drug Administration (FDA) has also cleared the product.
Investors support precision surgery
Softbank Vision Fund 2 led the investment round with participation from OrbiMed and 3W Fund. The company's existing investors include Morningside Ventures, Matrix Partners China, SBCVC, BOCGI, Trust Bridge, and Draper Dragon.
“This round of investment from Softbank Vision Fund 2, OrbiMed, and 3W, with their vision and market insight, will further accelerate the company's strategic growth,” said Dr. Dr. Jianzhong Qian. “[It will] further support the company to continuously lead technological innovation in precision surgery, capture the untapped market of intelligent surgical robots including hospitals in second- and third-tier cities, and utilize technologies to facilitate the diagnosis and treatment of major diseases such as cancer.”
The SoftBank Vision Fund 1 and Vision Fund 2 have made a combined 21 investments in AI companies in China to date.
“We believe EDDA Technology is an innovative health tech leader who is combining precision surgery with AI and robotics to provide better clinical care,” said Joanne Xu, a partner at SoftBank Investment Advisers. “We look forward to partnering with Dr. Jianzhong Qian and the EDDA team to support their mission of using advanced technologies to improve patient outcomes in China and across the globe.”
“EDDA Technology's intelligent robotic surgical products provide personalized solutions for precision surgery which dramatically improved the accuracy and reduced risks of surgeries,” said Iris Wang, a partner at OrbiMed. The company has been investing globally for over 30 years across the healthcare industry and has $18 billion in assets under management across a range of funds. OrbiMed has more than 100 scientific, medical, investment and other professionals worldwide.
“As a pioneer in robotic treatment and precision surgery solutions, EDDA Technology has a track record of delivering to doctors a full range of integrated services covering early detection, diagnosis and treatment planning,” said Cathy Chen, managing director of 3W Fund. Hong Kong-based 3W Fund said it has expertise in equity investments. The investment management firm invests in both private and public markets, with primary focuses on consumer; technology, media, and telecommunications (TMT); and healthcare sectors.
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