Cork medtech company attracts record angel investment
Cork-based medical technology firm AventaMed has raised €1.6m in funding from the Halo Business Angel Network (HBAN).
The sum represents the highest amount ever raised under the 'angel' investor scheme. The round brings to €3.1m raised by the Bishopstown startup, a spin-out company from Cork Institute of Technology that was set up by co-founders Olive O'Driscoll and John Vaughan in 2013.
The firm is marketing a device for the placement of ear tubes (grommets) in children without requiring general anaesthetic.
The insertion of grommets is used to treat recurring ear infections and hearing loss in children and adults.
AventaMed, which employs five people, will use the cash to focus on clearance from the US Food and Drug Administration, which is required for the product to enter the US market.
"We are already treating patients in Europe with the Solo device," said O'Driscoll, co-founder and chief executive of the company.
HBAN is a joint initiative of Enterprise Ireland and InterTradeIreland, set up to promote business angel investment across the island. Its umbrella group focuses on early-stage entrepreneurs.