Cydar Medical Raises Funding to Advance AI Surgical Maps Software

February 13, 2023—Cydar Medical, a cloud-based surgical software company, announced it has completed a Series A funding round and plans to use proceeds to scale-up the commercial rollout of its Cydar EV Maps artificial intelligence (AI) surgical maps platform and support the company’s ongoing commercial expansion.

According to the company’s press release, the $11.5 million funding round included a $3.7 million cornerstone investment by Pembroke Venture Capital Trust (managed by Pembroke Investment Managers LLP), which led the financing round. Also participating were existing shareholders and new investors, including Downing LLP through its Downing Healthcare Ventures Fund.

Additionally, as part of the funding round, Andrew Wolfson, CEO of Pembroke Investment Managers LLP, and Dr. Nigel Pitchford, Head of Healthcare Ventures at Downing LLP, joined Cydar Medical’s Board of Directors as Nonexecutive Directors.

Proceeds from the funding round will support the ongoing development of Cydar EV Maps as well as collaborations with Medtronic and BrainLab AG.

As described by the company, Cydar EV Maps is used in endovascular procedures to create a patient-specific three-dimensional map of soft tissue for procedure planning, intraoperative navigation, and postprocedure review. The software incorporates AI and automation to increase operator confidence, reduce procedure times, reduce radiation exposure, and improve clinical workflow efficiencies.

The company plans to release in H1 2023 the first version of Cydar EV Intelligent Maps, which will allow clinicians planning endovascular procedures to compare patient anatomy with previous global cases and ultimately provide predictive procedure planning capabilities.

Cydar Medical advised that Cydar EV Maps is certified Software-as-a-Medical Device with CE Mark approval and FDA 510(k) clearance.