AventaMed receives €1.8m HBAN-backed funding

19th October 2017

Posted In: FYI

HBAN is a joint initiative of InterTradeIreland and Enterprise Ireland dedicated to the all-island promotion of business angel investment. The HBAN umbrella group supports the early stage entrepreneurial community across the island of Ireland and actively works to increase the number of angel investors investing in early stage companies.

In it’s largest investment to date, both in terms of funding and the number of angels involved, HBAN has announced a €1.8m investment in Cork-based medtech company, AventaMed. The investment will fund AventaMed FDA (Food and Drug Administration) clearance and commercialisation of the Solo Tympanostomy Tube Device (Solo TTD) which enables the quick and simple insertion of ear grommets.  The company, which is co-founded by John Vaughan and Olive O’Driscoll (who was recently shortlisted for the WMB Woman in Technology Award) is focused on revolutionising Ear, Nose and Throat surgery. The grommet (ear tube) medical device, treats ear infections and hearing loss in children and adults, without the need for a full general anaesthetic.

Olive O’Driscoll, CEO, AventaMed, 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.  We are thrilled to close this investment round as it will enable AventaMed to obtain FDA clearance for the device so that patients in the USA may also benefit from our innovative technology”.

Pictured announcing €1.8M HBAN-backed funding in medtech company, AventaMed are (L-R) John Vaughan, co-founder & CTO, AventaMed, Jack Cashman, AventaMed chairman, lead angel and member of HBAN MedTech Syndicate & Irrus Investments, Bruce Clibborn, HBAN Boole Investment Syndicate and Board member of AventaMed and Olive O’Driscoll, co-founder & CEO, AventaMed. photo©Michael Mac Sweeney/Provision.