Restoration Robotics, the Mountain View, Calif.-based manufacturer of the ARTAS robotic hair transplant system, has raised $45 million in Series C extension funding. Click here to read the company’s SEC filing.

Restoration Robotics says it will use the financing to develop the second generation of its robotic system that helps treat baldness.

Since Restoration Robotics was founded in 2002, it has raised $113 million. This latest round of funding, which had a total of 396 investors, was led by InterWest Partners, Sutter Hill Ventures, Alloy Ventures and Clarus Ventures.

In 2011, Restoration Robotics raised $41 million in Series C financing. Clarus Ventures led the financing and was joined by Sutter Hill Ventures, Alloy Ventures and Interwest Partners.

According to Dow Jones and Company, Inc., Restoration Robotics is “planning to go public within the next several years.”

Hair restoration is a huge market. Multiple studies say the market is estimated to be about $1.2 billion, and that’s not including hair growth products such as Rogaine.

“[Restoration Robotics] is the dominant player in a huge market,” Gil Kliman, a Managing Director at InterWest Partners, tells Dow Jones.

The ARTAS Robotic System, which costs $250,000, was approved by the U.S. Food and Drug Administration for sale in 2011 and is cleared for sale in 48 countries. The physician-controlled system enables the harvesting of individual hair follicles during hair restoration procedures. It also includes an image-guided robotic arm to perform dissection punches.

Restoration Robotics, a finalist in the 2013 Game Changer Awards, recently introduced its ARTAS Hair Studio software that helps physicians during the design phase of procedures. The ARTAS Hair Studio generates a three-dimensional model of the patient?s head and then creates a treatment plan. Physicians can then divide the treatment area into two or more sections and then program different recipient site densities for the different areas to closely mimic how hair grows in nature.

In October 2014, the company celebrated the sale of its 100th ARTAS Robotic System and the harvesting of its 10,000,000 hair.

Healthcare Robotics 2014 Research Report

Healthcare in the U.S. is approaching $4 trillion annually. To support, enhance, and mitigate the healthcare burdens, our healthcare system is witnessing robotic medical technology entering hospital surgical suites, in-patient rooms, in-home patient care, and uses with emergency services and vehicles.

Robotics Business Review’s special report “Healthcare Robotics 2014” analyzes new developments, trends, challenges and opportunities in the medical robotics sector.

The report profiles leading healthcare robotics companies, features exclusive Q&As with leading executives, discusses the impact of the Affordable Care Act, and examines surgical robotics, robotic replacement for diminished or lost function, exoskeletons, robot-assisted recovery and rehabilitation, and personalized care for the elderly.

There are two ways to access the research report:

1. Sign up for an Annual Premium Membership for access to all Robotics Business Review research reports. If you?re already a Premium Member, log in and the report will appear on this page.

2. All research reports are sold individually on the Robotics Business Review Store for $299 each.