SHANGHAI and SUZHOU, China, April 7, 2021 /PRNewswire/ -- EDDA Healthcare and Technology Holding Ltd. and its subsidiaries EDDA Technology (Shanghai) Ltd., EDDA Technology Medical Solutions (Suzhou) Ltd., and EDDA Technology, Inc (Princeton, NJ, USA), (hereafter jointly referred to as EDDA Technology), a pioneer in the rapidly growing field of intelligent robotic solutions for precision surgery, today announced the completion of a US$150 million financing round. Softbank Vision Fund 2* led this 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 etc.
EDDA Technology brings innovative precision 3D medical imaging solutions to support physicians and enable improved workflow and patient care in robotic surgery. The company's end-to-end enabling IQQA® platform supports pre-surgical planning and simulation, intra-operative navigation, and post-operative evaluation. The IQQA® products and services have been commercially adopted in hundreds of hospital departments, including Mayo Clinic in the US, and Peking Union Medical College Hospital, West China Hospital, and Shanghai Ruijin Hospital in China.
In 2020, China NMPA granted Category III registration certificate for IQQA®-Guide as the country's first surgical navigation medical device for soft tissue organs, with a statement describing it as having "significant clinical benefits, increasing interventional accuracy, reducing the number of needle passes and intraoperative CT scanning". The product was also cleared by the US FDA.
Dr. Jianzhong Qian, President and CEO of EDDA Technology, Fellow of American Institute for Medical and Biological Engineering (AIMBE), stated: "Modern surgery has entered a new precision era. EDDA Technology's solution integrates intelligent medical imaging analytics with robots for precision surgery, and overcomes the problems of lack of intelligent planning and limited image guidance in traditional robot-assisted surgeries. 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, and 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."
"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, 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."
Ms. Iris Wang, Partner of OrbiMed, stated, "EDDA Technology's intelligent robotic surgical products provide personalized solutions for precision surgery which dramatically improved the accuracy and reduced risks of surgeries. We are very confident in a successful commercialization of EDDA's products led by its visionary management team. We look forward to EDDA's further achievement in advancing AI-empowered precision surgical treatments to address the unmet medical needs and benefit more patients around the world."
Ms. Cathy Chen, Managing Director of 3W Fund, expressed, "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. We trust that the EDDA team led by Dr. Jianzhong Qian will continue to leverage its technological edge and rich clinical deployment experience for commercializing its products and empower healthcare industries with medical AI."
*As of the date of this press release, SoftBank Group Corp. has made capital contributions to allow investments by SoftBank Vision Fund 2 ("SVF 2") in certain portfolio companies. The information included herein is made for informational purposes only and does not constitute an offer to sell or a solicitation of an offer to buy limited partnership interests in any fund, including SVF 2. SVF 2 has yet to have an external close, and any potential third-party investors shall receive additional information related to any SVF 2 investments prior to closing.
About EDDA Technology
EDDA Technology is an innovative leader in the rapidly growing field of intelligent robotic solutions for precision surgery. Pioneering a "fully quantitative, real-time interactive" approach to intelligent imaging analytics and robotic integration, the company has built a proprietary technology platform to facilitate pre-surgical planning and simulation, intra-operative navigation, post-operative evaluation. With its end-to-end enabling platform, EDDA's goal is to form a comprehensive ecosystem of clinical practice, connection and education to support physicians and patient management in all tiers of hospitals. EDDA Technology has received multiple registrations and clearances from the NMPA in China and the FDA in the United States. IQQA® is a registered trademark of EDDA Technology. www.eddatech.com
About Softbank Vision Fund
The SoftBank Vision Fund seeks to accelerate the AI revolution through investments in market-leading, tech-enabled growth companies across consumer, enterprise software, fintech, frontier tech, health tech, real estate, transportation and logistics, and education. To date, SoftBank Vision Fund 1 and Vision Fund 2 have made a combined 21 investments in China.
OrbiMed is a leading global healthcare investment firm, with $18 billion in assets under management across a range of private equity funds, public equity funds, and private credit/royalty funds. The company has been investing globally for over 30 years across the healthcare industry from early-stage private companies to large multinational corporations. Its team has over 100 scientific, medical, investment and other professionals located in New York, Hong Kong, Shanghai, San Francisco, Mumbai, Herzliya, etc.
About 3W Fund
3W Fund is an investment management firm based in Hong Kong with expertise in equity investments. Adopting fundamental research methodology, the firm invests in both private and public markets, with primary focuses on consumer, TMT and healthcare sectors. 3W Fund intends to generate capital appreciation with continuous efforts in company research and long-term investment horizon. As a firm, 3W Fund honors integrity, intellectual curiosity and independent thinking.
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