Australian-based medtech company Convergence Medical has secured $5 million in series A funding from U.S. investor Avicella Capital.
The company claims it has developed a world-first arthroscopic surgical robot and, with the new funding, is now valued at $30 million, according to a Jan. 16 news release.
Convergence will use the funds to support plans to commercialize its V01 surgical robot and expand into the U.S. market. Just over a year ago, V01 was accepted into the FDA's breakthrough device program.
The company was founded by Chris Jeffery, MD, who specializes in orthopedic surgery and won the Deep Tech category at the 2024 Australian Young Entrepreneur Awards.
Convergence Medical will also use the new funding to scale production, expand global partnerships and advance research and development efforts in preparation for a soft launch of the V01 surgical robot this year.
Convergence Medical said it has arranged for five hospitals to take delivery of the V01 by November 2025, and has opened a U.S. office in San Francisco, according to the release.