April 15, 2021

VicariousSurgical400x275Vicarious Surgical, a robotics company that combines robotics with virtual reality, has announced a definitive business combination agreement with D8 Holdings, a special purpose acquisition company (SPAC). The transaction values the company at an enterprise value of $1.1 billion, and is expected to provide more than $425 million in cash with a fully committed $115 million PIPE, priced at $10 per share. The combined company will operate as Vicarious Surgical Inc., and will be listed on the New York Stock Exchange under the ticker symbol RBOT.

“Seven years ago, we started this company in order to solve the long-standing and persistent issues presented by open surgery, standard minimally invasive surgery and legacy robotic surgery,” said Adam Sachs, co-founder and CEO of Vicarious Surgical. “Legacy robotic platforms were introduced with a promise of solving the challenges of open surgery; unfortunately, these legacy robotic platforms have significant limitations, including prohibitive cost of adoption, limited mobility and capabilities in the body and required space, setup time and lengthy training. After more than two decades on the market, it is no surprise that legacy robotic penetration is just 3%. Our robotic solution has arms that replicate human motion, offering remarkable mobility with 9 degrees of freedom per arm with 360-degree visualization, allt through a 1.5 cm incision.”

The transaction is expected to deliver up to $460 million of gross proceeds, including up to $345 million of cash held in D8’s trust account. This includes investment by BD, with institutional investors and existing investors including Bill Gates, Vinod Khosla’s Khosla Ventures, Eric Schmidt’s Innovation Endeavors, and Philip Liang’s E15 VC. The transaction is expected to close in the third quarter of 2021.

“D8 reviewed numerous investment opportunities in search of an exciting growth company to merge with and Vicarious Surgical impressed us with their visionary team and market disrupting products,” said Donald Tang, co-founder and president of D8 Holdings. “Beyond the technology and the capabilities of Vicarious Surgical’s robot, we were also excited about the positive feedback from surgeons and hospitals. We consider Vicarious Surgical to be a thought leader in the surgical space and we believe the market is ready for surgical robots that drive efficiency and improved quality of patient care.”

The company’s approach to robotic surgery uses a combination of proprietary, human-like surgical robots and virtual reality to “transport surgeons inside the patient when performing minimally invasive surgery.” The company’s technology was granted Breakthrough Device Designation by the U.S. Food and Drug Administration (FDA).

More details on Vicarious Surgical are available at its website.