NEWS: Med-Device Incubator Announces $3 Million Investment. Still Seeking $7 Million More….
A med-device incubator with an early-stage funding vehicle recently announced the first phase of its Series A round, which remains open.
Adventus Ventures, with HQ in Irvine, announced the investment by OnFace, which invested $3 million of the $10 million the incubator is seeking.
The announcement of the investment was made to demonstrate OnFace’s confidence in Adventus to other potential investors as it continues seeking money in its Series A round.
OnFace is part of a family of companies, with HQ in South Korea, that develops and manufactures integrated solutions using the IoT (internet of things), AI, visualization, and security technologies.
Adventus was founded in 2017. Two of its portfolio companies are Pressao Medical, which is developing therapeutic wearables to manage patients with hypertension; and Allevion Therapeutics, which is developing therapeutic wearables for treating tremors.
The $3 million will be used primarily as R&D investments to help both companies miniaturize their prototypes and make them more user-friendly, so that they can be ready for pre-clinical studies, Troy Barring, the CEO of Allevion Therapeutics, told OC Startups Now.
South Korean Connection
Adventus also recently announced the opening of its Global Center for Medical Device Innovation in a newly-built $39 million complex in Gumi, Korea for early-stage medical startups.
South Korea is a global leader in telecommunications, computer, novel sensors, IoT and display technologies, Barring said.
Its recent launch of 5G is the world’s first.
South Korean companies like Samsung, LG, SK, and similar companies have become household brands on par with Siemans, GE, Google, and Microsoft.
The country has identified medical devices as one of the top five growth areas, and has been investing substantially to build momentum in collaboration with startups, multi-nationals, government labs and hospitals.
“We have key relationships with many of the leaders driving the momentum, and have access to many of the technologies and incubator programs that can benefit Allevion, Pressao, and other Adventus portfolio companies,” Barring said. “More specifically, medical devices — especially wearables — are integrations of communication, display, novel sensors, and IoT technologies, and we wanted to leverage the leading capabilities present in Korea to help build our devices and the required infrastructure for data collection and analytics.”