Avasa, a medical device company specializing in surgical techniques for improved patient outcomes, has successfully completed a funding round, securing $1.55 million in capital investment.
The funding round was oversubscribed and saw participation from several investors, including New Zealand Growth Capital Partners, Pacific Channel, Booster Innovation Fund, Brisbane Angels, and Cure Kids Ventures. Existing investors Bridgewest Group and Uniservices, the investment arm of the University of Auckland, also contributed to the funding round.
Avasa is pioneering surgical procedures that enhance the reconnection of veins and arteries in reconstructive microsurgery. The company’s innovative implantable devices aim to make microvascular surgery quicker and safer for surgeons, reducing the time required for arterial connections from 40-60 minutes to under 10 minutes.
Dr. Nandoun Abeysekera, CEO and Founder of Avasa, expressed gratitude for the support from both new and existing investors. The additional resources will enable the company to accelerate its go-to-market efforts, hire a quality assurance manager, launch the second phase of its market validation survey, finalize product development, scale up manufacturing, and collect data from animal trials in preparation for a US FDA 510K submission in early 2025.
Avasa’s innovative approach has garnered interest from the investment community, with investors recognizing the potential to transform surgical procedures and improve patient outcomes. The company’s implantable devices have the potential to impact various surgical fields, including organ transplants, cardiothoracic surgery, and vascular surgery.
Jacques Richter, Associate Investment Director at New Zealand Growth Capital Partner, praised Avasa’s team and its innovative coupler design, highlighting the clear value it brings to surgeons. Avasa aims to continue innovating at the intersection of medicine, design, and engineering to enhance health outcomes for patients.
