Hong Kong-based surgical robotics company Cornerstone Robotics has secured over $70 million in Series C financing led by EQT, marking a significant milestone in the company's mission to democratize access to advanced robotic surgical systems globally. The funding round, which included participation from Qiming Venture Partners, Alpha JWC Ventures, and the Innovation and Technology Venture Fund, positions the company to directly challenge established players like Intuitive Surgical's da Vinci system.
Strategic Positioning Against Market Leaders
Founded in September 2019, Cornerstone Robotics has pursued a deliberate strategy of localizing component production and vertical supply chain integration to deliver competitive advantages in both performance and pricing. CEO and founder Professor Samuel Au emphasized that this approach enables the company to offer surgical systems with performance "equivalent to the state-of-the-art" at "substantially lower" prices than existing solutions.
"To build high-quality, safe and reliable surgical robots, my belief was that we needed to source all components domestically," Au explained. This strategy, implemented before the COVID-19 pandemic and US-China trade tensions, has proven prescient in creating supply chain resilience while maintaining cost competitiveness.
Regulatory Milestones and Clinical Validation
The company achieved a critical regulatory milestone in September 2024 when it obtained National Medical Products Administration (NMPA) approval in China for its Sentire endoscopic surgical system. This approval followed successful clinical trials across multiple surgical specialties, including urology, general surgery, gynecology, and thoracic procedures, demonstrating the system's versatility and clinical efficacy.
Cornerstone has established partnerships with leading medical institutions, including the Faculty of Medicine of the Chinese University of Hong Kong and Chinese University of Hong Kong-Shenzhen Medicine, providing a solid foundation for clinical validation and market penetration.
Global Expansion Strategy
The Series C funding will accelerate Cornerstone's international expansion efforts, with particular focus on Europe and Southeast Asia. The company established a UK site in 2024 to support European operations and enhance its ability to serve global markets. This geographic diversification represents a strategic move to capture market share in regions where surgical robotics adoption continues to grow.
Clara Ho and Gordon Shaw, partners in EQT's Private Capital Asia advisory team, highlighted the global need for accessible robot-assisted surgical care. "Cornerstone Robotics stands out as a leader in this space, combining cutting-edge medical robotics with a focus on expanding access to care," they stated.
Investment Backing and Market Confidence
The funding round attracted significant backing from both venture capital firms and government entities. The participation of Hong Kong's Innovation and Technology Venture Fund underscores governmental confidence in Cornerstone's innovation capabilities and commercialization potential.
William Hu, managing partner of Qiming Venture Partners, noted the company's steady progress since their initial investment. "We have observed steady enhancements in the company's product performance and the continuous growth of its team," Hu commented, expressing confidence in Cornerstone's ability to deliver competitive products and clinical value globally.
Technology Development and Future Pipeline
The funding will support continued research and development of new surgical robotics products, advancement of clinical trials, and pursuit of additional regulatory approvals across international markets. Cornerstone's focus on in-house R&D and manufacturing capabilities positions the company to maintain technological competitiveness while controlling costs.
Jeffrey Joe, general partner at Alpha JWC Ventures, emphasized the alignment between Cornerstone's innovative approach and growing healthcare needs in Southeast Asia. "We believe their innovative approach to surgical robotics aligns with the growing needs and opportunities in the healthcare sector," Joe stated.
The surgical robotics market continues to expand as healthcare systems worldwide seek to improve surgical outcomes while managing costs. Cornerstone's positioning as a cost-effective alternative to established systems could accelerate adoption in price-sensitive markets while maintaining the precision and safety standards required for critical surgical procedures.
