SS Innovations Raises $18.6M in Private Placement

By Chris Stiles • Monday, March 09 09:39 • Permanent Link

SS Innovations International, Inc. (NASDAQ: SSII), a developer of innovative surgical robotic technologies, has successfully completed a private placement of its common stock, generating approximately $18.6 million in gross proceeds. The private placement involved the sale of a total of 5,774,839 shares of common stock, with an aggregate of 1,300,006 shares sold at an average price of $4.00 per share and an aggregate of 4,474,833 shares sold at $3.00 per share.

The net proceeds from this financing will be directed towards working capital and other general corporate purposes, including advancing the company’s global expansion efforts. Dr. Sudhir Srivastava, Chairman and CEO of SS Innovations, expressed that the financing will support the company's growth initiatives in India and other existing global markets, as well as its preparation for entry into the United States and European Union markets.

The company also anticipates progress in regulatory matters, with expectations for the completion of the U.S. Food and Drug Administration's review of its 510(k) premarket notification for the SSI Mantra surgical robotic system by mid-2026. Additionally, SS Innovations is working towards obtaining a European Union CE marking certification for the SSI Mantra in 2026.

Notably, insider participation in the financing reflects the strong confidence of the company's leadership in SS Innovations' future and its commitment to making world-class surgical robotic care more accessible. The company also expressed gratitude for the continuing support of Manipal Global Health Services, a large existing shareholder, and welcomed a group of new shareholders in the company.

SS Innovations International, Inc. is focused on developing innovative surgical robotic technologies with the vision to make the benefits of robotic surgery affordable and accessible to a larger segment of the global population. The company's product range includes its proprietary "SSI Mantra" surgical robotic system and its comprehensive suite of "SSI Mudra" surgical instruments, designed to support a variety of robotic surgical procedures, including cardiac surgery. Today the company's shares have moved 7.43% to a price of $5.93. If you want to know more, read the company's complete 8-K report here.

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