Information on the Target

Ronovo Surgical, a company in the INCE Capital portfolio, is at the forefront of innovation in the surgical robotics industry. Specializing in next-generation surgical technologies, Ronovo Surgical has made notable advancements with its flagship product, Carina™, which is designed to provide flexible and affordable solutions for minimally invasive surgeries.

Recently, Ronovo Surgical successfully closed its Series D financing round on September 5, 2025, raising a total of USD $67 million. This funding round was led by Johnson & Johnson's corporate venture capital arm, JJDC, along with participation from Lilly Asia Ventures, INCE Capital, and Granite Asia. With over USD 100 million raised in 2025 alone, Ronovo is gaining strong support as it aims to revolutionize surgical practices worldwide.

Industry Overview in China

The surgical robotics market in China is rapidly evolving, driven by advancements in technology and a growing demand for minimally invasive surgical procedures. The introduction of innovative robotic surgical systems presents hospitals with more options to enhance surgical precision, reduce recovery times, and ultimately improve patient outcomes.

With the recent regulatory approval of Carina™ from the National Medical Products Administration (NMPA) in March 2025, Ronovo Surgical has positioned itself as a leader within the Chinese market. Carina™ is notable for being the first modular surgical robotic system in the country that meets the requirements for four significant specialties: General Surgery, Gynecology, Urology, and Thoracic Surgery.

This notable achievement addresses critical issues within the surgical robotics sector, particularly pertaining to the flexibility and affordability of robotic systems compared to traditional models. As the demand for more accessible surgical solutions increases, the market landscape is becoming increasingly competitive.

Ronovo’s ongoing expansion efforts into Europe and South America highlight the global appetite for innovative surgical technologies, with international stakeholders already expressing interest in the Carina™ platform. This feedback underscores the increasing recognition of the product’s unique value proposition in addressing unmet needs across various healthcare systems.

The Rationale Behind the Deal

The successful closing of the Series D financing is pivotal for Ronovo Surgical as it aims to expand its market presence and enhance the accessibility of its innovative surgical systems. The collaboration with Johnson & Johnson Medical is particularly strategic, as it will facilitate a broader reach in the Chinese market by integrating Ronovo’s technologies with established surgical products already favored by healthcare institutions.

Furthermore, the investment from notable venture capital entities will strengthen Ronovo’s operational capabilities and support its ambitious global expansion plans, ensuring that the company can continue to innovate and address emerging healthcare challenges.

Information About the Investor

INCE Capital is a leading investment firm known for identifying and supporting innovative companies across various technology sectors. Their portfolio includes a range of startups and established companies with a focus on driving growth in high-potential industries.

With the inclusion of organizations such as Johnson & Johnson’s JJDC and Lilly Asia Ventures as part of the financing round, Ronovo Surgical benefits from the expertise and extensive networks of these prominent investors, facilitating greater market entry and collaboration opportunities.

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From an investment perspective, the successful Series D financing for Ronovo Surgical appears to be a sound decision. The company's commitment to innovation in the surgical robotics field addresses a significant market gap, especially in China where surgical technology adoption is rapidly increasing. Additionally, the modular design of Carina™ is a significant advancement that offers hospitals much-needed flexibility and affordability.

The strategic partnership with Johnson & Johnson will not only enhance Ronovo’s distribution capabilities but is also likely to attract further attention from potential clients and healthcare stakeholders. This collaboration strengthens Ronovo’s positioning in the market as a competitive player in the surgical robotics space.

Overall, with solid investor backing and a unique value proposition, Ronovo Surgical is well-positioned for sustained growth and impact in the healthcare sector. The future looks promising as they continue to innovate and expand their global reach.

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