Hong Kong Research Centre Helps Robotics Startup Spun Out From Imperial College London Pry Open China Market

Hong Kong Research Centre Helps Robotics Startup Spun Out From Imperial College London Pry Open China Market
  • The Hong Kong Science and Technology Parks have provided Precision Robotics with R&D space and funding to develop surgical robotics systems.
  • "Hong Kong is the gateway to the huge Chinese market," HUB says

Precision Robotics, a company born out of Imperial College London, said it hopes to establish itself as a key player in mainland China's huge robotics and surgical systems market through its Hong Kong Science Park research centre.

"Hong Kong is the gateway to the huge Chinese market," said Benny Lo, CEO of Precision Robotics Hong Kong. "This is very important for the company. We see it as a potential [path] for the growth of our industry in terms of surgery and robotics technology."

Precision Robotics is a London-based startup founded in 2017 by Chinese scientist Yang Guangzhong, who is the founding director of the Hamlyn Center for Robotic Surgery at Imperial College London.

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Five years ago, the company decided to establish a research and development (R&D) center in the Hong Kong Science Park, which is managed by the Hong Kong Science and Technology Parks (HKSTP).

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In addition to increasing research and development capabilities, the company hopes the Hong Kong business will play a role in establishing a production line and sales channel for the Chinese and Asian markets, said Low, who has nearly two decades of experience. Researcher and academic at Imperial College.

HKSTP provided research and laboratory facilities and provided funding for the centre, Loh said. The company has more than 40 employees in Hong Kong, most of whom are engaged in research and development.

Precision Robotics is developing new intelligent robotic systems for modern laparoscopic surgery, including an articulating camera system called the Sirius Endoscope System.

The iconic Charles Kay Kao Auditorium in the Hong Kong Science Park. Photo: Handout © Courtesy of South China Morning Post. Charles K. Hong Kong Science Park. Kao had an auditorium. Photo: Handout

Laparoscopic surgery allows surgeons to access the abdomen and pelvis with much smaller holes or through-hole instruments instead of making large incisions.

Last December, the product received 510,000 approvals from the US Food and Drug Administration, which means it is safe and effective for its intended purpose and meets global quality standards.

The company is now in the process of applying for approval in China and is considering establishing a manufacturing base in Jung Kwan Oh or a city in mainland China as proposed by HKSTP.

Robotics division XPeng raises $100 million, plans to launch robots within two years

According to analysis by GlobalData, the global surgical robotics systems and accessories market is expected to reach $30.7 billion by 2030, with a CAGR of 10% between 2022 and 2030.

According to a report published by the Institute of Electronics, China's medical robotics sector is in its infancy, although the country's robotics industry is growing rapidly, with a market value of $17.4 billion by 2022. From China at the World Robotics Conference in Beijing. Last August

The high cost of living and lack of talent prevent Hong Kong from becoming a truly international tech hub, Low said.

However, the perception that Hong Kong university professors are less encouraged to be entrepreneurs than their overseas counterparts is incorrect, he said.

"That's not what I'm seeing," said Lowe, an intern at his company who started running the same company after receiving funding from HKSTP. "I wish I had that opportunity when I was in the UK."

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This article was originally published in the South China Morning Post (www.scmp.com), a leading newspaper in China and Asia.

Copyright (c) 2023. South China Morning Post Publishers Ltd. All rights reserved.

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