Hong Kong Investment Corp (HKIC), the government’s investment arm, has joined other investors in committing US$200 million to the latest round of fundraising for surgical robot start-up Cornerstone Robotics, marking another milestone in the city’s push to develop its innovative industries, including biotechnology.
“As a technology start-up based in the Greater Bay Area, Cornerstone Robotics has secured funding and support from HKIC,” the company said in a statement on Monday. “This is not just an endorsement of the company’s innovative and commercial capability, but it also reflects the Hong Kong government and local investors’ strong long-term commitment to support unicorns.”
Cornerstone Robotics founder and CEO Samuel Au Kwok-wai said HKIC’s investment reflected the government’s commitment to support local innovative enterprises to go global.
The start-up is based at the Hong Kong Science and Technology Park, with more than 200 engineers at its 150,000 sq ft plant in the Longhua district of Shenzhen to custom-build components for its systems.
Founded in 2019, Cornerstone Robotics began a clinical trial in Hong Kong three years ago before expanding to hospitals in mainland China.
Robotic surgical systems help surgeons perform minimally invasive procedures with the use of magnification and tiny, robotically controlled tools. Such systems are sometimes controlled remotely.
In addition to HKIC, the latest round of fundraising included other major venture capital firms like Qiming Venture Partners, Gaorong Ventures and Bridgeone Capital, the start-up said.
