The cash will allow Aventamed to seek regulatory approvals to sell its Solo earplant device in the US, having already launched in European markets.
Ireland-based medtech developer Aventamed, a spinout from Cork Institute of Technology (CIT), received a €1.8m ($2.1m) investment today backed by Irish government-owned enterprise support agencyy Enterprise Ireland.
The round was led by angel syndicate Halo Business Angel Network (HBan), with assorted individual investors from independent angels and affiliates of three HBan syndicates – HBan Medtech Syndicate, Boole Investment Syndicate and Irrus Investments – providing €1.6m.
Enterprise Ireland operates HBan alongside InterTradeIreland, a trade board owned by the Irish state and the UK’s devolved government for Northern Ireland.
Founded in 2013, Aventamed manufactures a handheld device, Solo, that is inserted into the ear, positioning small plastic tubes called grommets to tackle middle ear infections without the need for general anaesthetic.
Having already achieved the CE standardisation requirement to sell Solo in Europe, Aventamed will use the cash to seek regulatory approval from the US Food and Drug Administration.
Enterprise Ireland had joined the three HBan syndicates in 2015 to put €1.3m ($1.46m) into the company.
O’Driscoll said: “We are already treating patients in Europe with the Solo device; both parents and surgeons have experienced first-hand the benefits of placing grommets without the need for a full general anaesthetic.”