28th August 2019
Dutch MedTech company has developed a technology designed to set new standards in precision and robotic surgery
Surge-on Medical, a Dutch start-up setting new standards with its fully steerable instruments for minimally invasive surgery, became the first firm to receive assistance from the aescuvest.eu Crowdfunding platform supported by EIT Health, with the 27 August 2019 launch of their funding campaign in Berlin.
The launch took place at an event called “Scaling and Driving Digital Health Innovation in Europe to the Next Level”, held at Berlin’s Charité Museum of Medical History, before an audience of representatives from politics, the healthcare industry, venture-capital firms, media and start-up companies.
The campaign is seeking to raise as much as €5 million for Surge-on Medical through sales of shares in the start-up.
Surge-on Medical is developing and selling fully steerable, quick detachable and easy to clean instruments for minimal invasive arthroscopy and laparoscopy. Using cablefree technologies, they have created freedimensionally movable instruments that provide better access to surgical areas and replace the current fixed-angle instruments.
Surge-on Medical has obtained four international patents that represent a major advance in minimally invasive instruments, improving existing surgical techniques and making them more efficient.
With its engineers, they are developing the future of remote-controlled robotics in precision surgery. The modular and reusable instruments are ready to be connected to robots, as validated for a US surgery robot builder. All instruments are jointly developed by a dozen active surgeons. The Steerable Punch – the first commercialised product – is approved by the Medical Ethical Committee and Instrument Sterilisation Department of the largest hospital in the Netherlands.
Seeking to raise up to €5 million through aescuvest.eu
The next steps in development of Surge-on Medical will be supported with financing raised via the EIT Health-supported Crowdfunding platform, located online at aescuvest.eu. Via aescuvest.eu the company now intends to raise €3 million by ways of a prospectus-based security offering. Including a subscription reserve the maximum placement volume can reach up to €5 million, corresponding to a 12.74 % share in the company. Investments will be bundled in an SPV, that will become one shareholder of the company and as such will fully participate in the value development of Surge-on Medical.
“The proceeds of the funding shall be used to accelerate the scaling of Surge-on Medical,” explained Benno Groosman, CEO and co-founder of Surge-on Medical B.V. “The company has already sold demos at the full target price and many distributors are ready to add our products to their portfolio. With our competitively priced and easy to use platform technology, we will make precision and robotic surgery available to a broad range of users.”
A new crowdfunding platform
The campaign kick-off for Surge-on Medical marks the start of a new way of public venture funding in Europe. For the first time, a cross border crowdfunding campaign based on a prospectus-approved securities offering enables private investors to invest online alongside with business angels and venture capitalists to benefit from the growth potential of early-stage growth companies. “Our ambition was, to let not stop public funding of healthcare ventures at national borders”, commented Dr. Patrick Pfeffer, CEO & founder of aescuvest. “After the successful launch of the Surge-on Medical funding, we are looking forward to soon be able to present a series of exciting health innovators from all over Europe on aescuvest.eu.”
Jan-Philipp Beck, CEO of EIT Health added: “The goal of EIT Health is to contribute to a stronger health ecosystem in Europe. We want to create a fertile environment for growth and innovation. Health innovation and entrepreneurship ultimately benefit the health economy and citizens. By bringing innovative ideas to market, we also help create new jobs. The cooperation with aescuvest.eu is a cornerstone for our mission, to support the most promising start-up companies out of our network to scale-up their business by a funding that is combined with a high visibility in the market, and thus to help European entrepreneurs to increase their global competitiveness.”
Open to companies from across the EU, the initial funding focus of aescuvest.eu is on Austria, Denmark, Germany, the Netherlands, Sweden and the U.K.
Find out more, and learn how to invest in Surge-on Medical, here:
EIT Health supported Sleepiz AG secures EUROSTAR grant
To help sufferers of sleep apnea
EIT Health Bootcamp selects 11 female-led start-ups
Connecting women-led teams to mentors and investors
EIT Health selecting three Supervisory Board members
Independent members sought; apply by 23 May