Restoration Robotics Receives $41 Million in Series C Financing
Leading Investment Firms Support Commercialization of the ARTAS System
MOUNTAIN VIEW, Calif.--(BUSINESS WIRE)-- Restoration Robotics, Inc., a privately-held medical device company, today announced that it has raised $41 million in a Series C financing. Clarus Ventures led the financing and was joined by current venture capital investors Sutter Hill Ventures, Alloy Ventures and Interwest Partners. “We are delighted to have the financial and strategic support of these top investment firms,” said Jim McCollum, President and Chief Executive Officer of Restoration Robotics. “The ARTAS™ System has the potential to transform the global hair restoration market and we will now focus on the commercialization and U.S. market launch of the technology,” concluded McCollum.
The ARTAS™ System is a physician-controlled, state-of-the-art, interactive, computer-assisted technology that enables harvesting of hair follicles during hair restoration procedures. It combines many advanced features including an image-guided robotic arm, special imaging technologies, small dissection punches, and a computer interface. The ARTAS™ System is capable of identifying and harvesting individual follicular units to implement the follicular unit extraction (FUE) technique for the benefits of physicians and patients.
“This financing enables us to bring our advanced technology to the marketplace, continue its innovation, and fully support our customers,” said Mohan Bodduluri, PhD, Co-Founder and Vice President of Research and Development.
Hair Loss By The Numbers
According to the International Society of Hair Restoration Surgery (ISHRS)1, at least 35 million men in the United States are affected by male pattern baldness or androgenetic alopecia. By age 50, approximately 50% of men will experience some degree of appreciable hair loss. Approximately one in four men suffer from male pattern baldness (MPB), which has psychological, professional and social consequences for these patients, such as:
- 68% of men feel helpless about their hair loss
- 73% of balding men feel they are less attractive than they were when they had hair2
- 77% of balding men would feel very or somewhat concerned if they were in their 20s, just starting their career and experiencing hair loss3
While prescription remedies, such as Propecia® and Rogaine®, offer some benefits to existing hair, hair restoration moves healthy, functioning follicles to the areas of the patient’s scalp most impacted by baldness for more dramatic results. Hair restoration is the only permanent solution for hair loss and can result in a natural, undetectable outcome.
The ARTAS™ System received 510K clearance from the Food & Drug Administration in April 2011.
About Restoration Robotics
Restoration Robotics, Inc., a privately held medical device company, is dedicated to revolutionizing the field of hair transplantation by developing and commercializing its state-of-the-art image-guided ARTAS™ System. This interactive, computer assisted system uses an image-guided robotic arm to enhance the quality of hair follicle harvesting for the benefit of physicians and their patients. To learn more about Restoration Robotics and its unique technology, visit www.restorationrobotics.com. To learn more about hair loss and restoration, please visit the International Society of Hair Restoration Surgeons (ISHRS) at www.ishrs.org.
1 International Society of Hair Restoration Surgeons (ISHRS) website. http://www.ishrs.org/hair-loss/hair-loss-male.htm. Accessed April 11, 2011.
2 Journal of the American Academy of Dermatology
3 ISHRS 2006 Consumer Hair Loss Survey
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