SS Innovations

What SS Innovations does

SS Innovations International, Inc. (NASDAQ: SSII) is a medical technology company that develops the SSi Mantra 3, a modular multi-specialty surgical robotic system designed for cardiac, urology, gynecology, general surgery, thoracic, and head and neck procedures. Founded in 2019 by robotic cardiac surgeon Dr. Sudhir Srivastava, the company became public on NASDAQ in November 2022 through a reverse merger with Avra Medical Robotics. The platform features an open-face surgeon console with 3D 4K vision, configurable 3/4/5-arm robotic carts, and a complementary ecosystem including SSi Mudra (30+ endosurgical instruments), SSi Maya (mixed-reality training), SSi Yantra (3D HD recording/streaming), and SSi Sutra (comprehensive surgeon training program). The company holds the distinction of being the first robotic surgical system globally to receive regulatory approval for telesurgery and tele-proctoring (CDSCO, India, December 2024) and has demonstrated a world-record 12,500-mile robotic cardiac telesurgery between Guyana and India.

SS Innovations monetizes primarily through capital sales of SSi Mantra systems priced at approximately $1-1.2 million — roughly half the cost of Intuitive Surgical's da Vinci — with operating costs reported at about one-third of incumbent systems. Recurring revenue streams include SSi Mudra instrument consumption and annual maintenance contracts. Distribution is direct enterprise sales to hospital systems, supported by clinical training, live demonstration events (notably the annual SMRSC conference), and surgeon proctoring programs. The company has regulatory clearances across 11 countries (India, Colombia, Oman, Sri Lanka, Kenya, Indonesia, Philippines, Ecuador, Guyana, Australia, and France per company disclosures), with FDA 510(k) review and CE marking in progress for entry into the US and European markets.

The company is led by Founder/Chairman/CEO Dr. Sudhir Srivastava, with Vice Chairman Dr. Frederic Moll (co-founder of Intuitive Surgical) providing category-defining credibility. FY2025 revenue was $42.5-43 million (up ~106% year-over-year) with Q1 FY2026 revenue of $11.1 million (up 116.8% YoY). The installed base has grown to 194-200+ systems across 153 hospitals, with 10,500+ cumulative surgeries and 2,100+ physicians trained. Gross margin improved sharply from 21.2% to 48.0% year-over-year in Q1 2026, though the company remains unprofitable ($12.1M FY2025 net loss) and disclosed going-concern uncertainty in Q3 2025. Capital structure includes a $18.6M March 2026 private placement led by Manipal Global Health Services and a $50M ATM facility with Virtu Americas.

Name

SS Innovations

Legal name

SS Innovations International, Inc.

Website

https://ssinnovations.com

Company type

Public

Founded year

2019

Operating status

Operating

Headcount range

251–500 employees

Short description

SS Innovations International develops the SSi Mantra 3, a modular multi-specialty surgical robotic system priced at roughly half the cost of incumbents. The NASDAQ-listed company sells directly to hospitals across 11 countries via a telesurgery-enabled platform targeting underserved markets.

Ownership category

akta.pro rank

Product category

Surgical Robotics

NAICS

Surgical and Medical Instrument Manufacturing (339112), Surgical Appliance and Supplies Manufacturing (339113)

SIC

Surgical & Medical Instruments & Apparatus (3841)

akta.pro primary industry

Surgical Robotics & Computer-Assisted Surgery Platforms (HLAHADAF)

akta.pro secondary industries

Operating Room Integration & Surgical Informatics (OR control, documentation, connectivity) (HLAHADAE), Healthcare & Assistive Robotics (HDAAAIAC)

Keywords

• Surgical robotic systems
• Robotic surgery platforms
• Medical robotics manufacturing
• Telesurgery systems
• Endosurgical instruments

Headquarters

HQ city

Gurugram

HQ country

India

HQ region

Asia

Offices2 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Technology or R&D, Supply Chain, Personnel, Operations, Marketing or Sales, Infrastructure

Revenue model

1. Robotic Surgical System Sales: Sale of SSi Mantra surgical robotic systems to hospitals and healthcare facilities. Systems include the Patient Side Robotic Arm Carts, Vision Cart, and Surgeon Command Center. Revenue recognition based on system installation and acceptance.
2. Surgical Instruments and Consumables: Sale of SSi Mudra endosurgical instruments including specialty instruments for cardiac, urological, gynecological, and general surgery procedures. Includes cautery instruments, clip appliers, needle drivers, graspers, and procedure-specific consumables.
3. Service and Support Contracts: Annual maintenance contracts (AMC) and service support for installed systems. Revenue recognized over contract periods providing recurring revenue stream.

Pricing tiers

Go-to-market motion2 records

Distribution channels2 records

Marketing channels7 records

Core offering

SS Innovations designs, manufactures, and sells the SSi Mantra surgical robotic system — a modular, multi-arm platform supporting cardiac, urology, gynecology, general surgery, thoracic, and head & neck procedures — together with proprietary endosurgical instruments (SSi Mudra), a mixed reality training platform (SSi Maya), and a surgical recording and tele-mentoring platform (SSi Yantra). Systems are sold to hospitals and healthcare networks on a one-time/perpetual license basis with recurring annual maintenance contracts and consumable instrument revenue.

Product overview

SS Innovations International is a medical technology company that has developed a comprehensive surgical robotics ecosystem anchored by the SSi Mantra 3, an indigenously developed multi-specialty surgical robotic system. The platform is supported by complementary products including SSi Mudra (endoscopic surgical instruments with over 30 tool variants), SSi Maya (extended reality training platform), SSi Yantra (multimedia recording and tele-mentoring system), and SSi Sutra (comprehensive surgical ecosystem program). The company positions itself as a cost-effective alternative to established systems like Intuitive Surgical's da Vinci, with systems priced at approximately half the cost. Emerging products in development include SSi Vimana Aero (drone-based battlefield trauma system), SSi Avtara (humanoid surgical platform), SSi Operion (mobile operating room), and single-arm robotic carts for specialized procedures.

Differentiator

Problem solved

Functional benefit

Brands

• SSi Mantra: India's first indigenous surgical robotic system for multi-specialty minimally invasive procedures including cardiac, urology, gynecology, general surgery, thoracic, and head & neck surgery
• SSi Mudra
• SSi Maya
• SSi Yantra
• SSi Sutra
• SSi Vimana Aero
• SSi Avtara
• SSi Operion

Products and services

• SSi Mantra / SSi Mantra 3 Surgical Robotic System Indigenously developed, modular multi-specialty surgical robotic system supporting cardiac, urology, gynecology, general surgery, thoracic, and head & neck minimally invasive procedures. Features an open-face console with 3D 4K vision, head tracking safety, modular robotic arm carts with 3/4/5 configuration options, and digital user guide touch panels. Priced at approximately $1-1.2M vs. da Vinci at $1.5-2M.
• SSi Mudra Endosurgical Instruments Over 30 endosurgical instrument variants compatible with the SSi Mantra system, including monopolar and bipolar cautery instruments, clip appliers, needle drivers, graspers, and specialty cardiac instruments such as DeBakey Forceps, Cardiac Bipolar Forceps, and Valve Retractors. Includes 5mm instruments for pediatric, cardiac, and head & neck procedures.
• SSi Maya Mixed Reality Training Platform Web3-based extended reality (XR) platform providing 3D holographic DICOM imaging, virtual user guides, AI-based anatomy segmentation, virtual surgery simulation, tele-proctoring, and telesurgery capabilities for surgeon training and patient care.
• SSi Yantra Multimedia Recording and Streaming Platform 3D HD video recording and live streaming platform for surgery, compatible with SSi Mantra. Features pre-operative guidance applications, surgical training simulation via SSi Maya integration, and tele-mentoring capabilities.
• SSi Mantra Tele Surgeon Console (MantrAsana) Portable robotic surgery device enabling remote surgeries from various locations including physician offices, without requiring a full operating room. Compact, chair-based system designed for portability to enable telesurgeries across long distances with ultra-low latency connectivity.

Quantifiable outcome

• Capital cost of $1-1.2 million vs competitors at $1.5-2 million
• +5 more outcomes

Named customers8 records

Segments3 records

Ideal customer profiles2 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature9 records

Partnerships

One partnership is on record.

• Indian Army / Ministry of Health and Family WelfarestrategicStrategic or Co-development PartnerIndian government approached SS Innovations to develop Project Vimana for battlefield trauma surgery capabilities. The Ministry of Health and Family Welfare unveiled Project Vimana and Project Operion as part of India's emergence as a global MedTech and innovation leader supporting the Atmanirbhar Bharat vision.

Scale indicators10 records

Recent moves6 records

Expansion highlights6 records

Emerging players

• Moon Surgical: French-American developer of a collaborative surgical robotics platform (Maestro) designed as a lower-cost, laparoscopic-assist system for the OR. Comparable positioning as a cost-effective alternative to da Vinci, though focused on a narrower procedural footprint than SSi Mantra.
• Asensus Surgical: Developer of the Senhance robotic platform, a multi-port laparoscopic system with haptic feedback and instrument reuse. Competes in the same cost-conscious, multi-specialty segment and pursues similar emerging-market approvals, though with smaller commercial scale.
• THINK Surgical: Developer of the TMINI and TSolution One robotic systems for orthopedic surgery. Comparable as an emerging surgical robotics company pursuing capital-efficient market entry, although SSi Mantra's multi-specialty scope is broader than THINK's orthopedic focus.

Direct peers

• Medtronic: Developer of the Hugo robotic-assisted surgery system, a direct multi-specialty competitor to SSi Mantra targeting urology, gynecology, and general surgery. Competes for the same hospital capital equipment budgets and pursues similar cost-positioning strategies in emerging markets.
• CMR Surgical: UK-based developer of the Versius surgical robotic system, a compact, modular, multi-port platform positioned for cost-effective adoption in markets underserved by da Vinci. Directly comparable in modular design philosophy, pricing strategy, and emerging-market focus.
• Intuitive Surgical: The dominant surgical robotics company and developer of the da Vinci system, against which SS Innovations directly benchmarks its pricing and multi-specialty robotic surgery positioning. Same product category (multi-arm robotic surgical platforms), same customer base (hospital systems and surgeons), same regulatory pathway.

Broad incumbents

• Stryker (Mako): Large medical device incumbent with the Mako robotic system dominating orthopedic surgery. While not a direct multi-specialty competitor, it represents the established 'specialty robotics winner' playbook and competes for the same hospital capital robotics budgets.
• Johnson & Johnson (MedTech / Ottava): Healthcare conglomerate developing the Ottava multi-specialty robotic surgery platform (via the Auris Health acquisition, previously founded by Fred Moll). Competes in the same multi-specialty robotic surgery category with vastly greater resources, distribution, and hospital relationships.

Regional players

• Edge Medical Robotics: China-based developer of surgical robotic systems targeting the domestic Chinese market and broader emerging-market geographies. Comparable as an emerging-market-focused robotic surgery challenger, though its geographic focus on China limits direct overlap with SS Innovations' footprint.
• Medicaroid: Japan-based joint venture (Sysmex, Kawasaki Heavy Industries) developing the Hinotori surgical robot, a multi-port system with regulatory approval in Japan. Comparable as a domestically-developed, cost-positioned challenger to da Vinci, but primarily serves the Japanese market and does not directly compete in SS Innovations' emerging-market footprint.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/ss-innovations

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles14 records

Subsidiaries1 record

Funding overview

Funding rounds2 records

Investors3 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about SS Innovations