Dive Brief:
- SS Innovations has raised $18.6 million to support the global expansion of robotic surgery sales, the company said Monday.
- The India-based company plans to use the proceeds of the private placement to support efforts to grow sales in its home market while preparing for launches in the U.S. and European Union.
- SS Innovations filed for 510(k) clearance in December, putting the FDA on track to complete its review of the submission by mid-2026.
Dive Insight:
The company has designed its SSi Mantra robots to undercut the price of devices sold by market leader Intuitive Surgical. In India, SSi Mantra costs less than one-third the price of an Intuitive system, and SS Innovations also charges less for consumables and maintenance agreements. Last year, the company installed 103 robots, which are cleared for use in countries including India, Indonesia and the Philippines.
India accounted for 91% of the $43 million that SS Innovations reported in 2025 revenue in preliminary results. However, the company expects the percentage of revenue from the rest of the world to increase significantly over time.
The prediction reflects recent and planned expansions into new markets. Having received clearances in six markets last year, the company expects to secure OKs to sell its robot in the U.S., EU, Australia, Vietnam, Morocco, Brunei and Laos this year.
SS Innovations warned investors in October that it lacked the resources to fund operations through the next 12 months. The company filed to raise $50 million in a public offering in early February but has yet to publish a final prospectus with details of the number and price of shares sold. Rather, SS Innovations has disclosed a smaller private placement.
Intuitive co-founder Fred Moll, who is SS Innovations’ vice chairman, invested $2 million through the private placement. SS Innovations CEO Sudhir Srivastava also invested $2 million. Manipal Global Health Services, a large existing shareholder, led a syndicate of new and existing investors that acquired $13.4 million in SS Innovations stock.
SS Innovations brought in $42.5 million of revenue in 2025, representing a year-over-year increase of nearly 106%, according to earning results released Tuesday. The company reported a net loss of $12.1 million for the year, compared with a net loss of $19.2 million in 2024, and had $3.2 million in cash and equivalents as of Dec. 31.
