• Paul Fingleton

AventaMed to achieve FDA clearance with help of €1.8M HBAN-backed funding

HBAN (Halo Business Angel Network), the all-island organisation responsible for the promotion of business angel investment and a joint initiative of Enterprise Ireland and InterTradeIreland, today announces a €1.8 million investment in Cork-based medtech company, AventaMed.



A spin out company from Cork Institute of Technology, AvantaMed was set up by co-Founders Olive O’Driscoll and John Vaughan in 2013 to find a method of inserting ear tubes, or 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. It is one of the most common surgeries carried out on children worldwide. AventaMed expects the Solo TTD to have wide spread appeal globally.


The five-strong company has spent the last four years developing the all in one handheld Solo device which simplifies the implantation process, reduces costs and improves patient outcomes. AventaMed is now looking to enter the US market, for which it requires FDA clearance.

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.

“A lot of our investors come from very senior positions in multinational and Irish medical device and healthcare companies. They are always available to AventaMed to offer expert advice and make critical commercial introductions, which is hugely valuable as we execute our commercialisation strategy in Europe and the USA’.

- Olive O’Driscoll, co-founder and CEO, AventaMed


The investment – which includes €1.6 million angel funding, the largest single HBAN angel investment to date – will fund AventaMed through 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 five-strong company has spent the last four years developing the all in one handheld Solo device which simplifies the implantation process, reduces costs and improves patient outcomes. AventaMed is now looking to enter the US market, for which it requires FDA clearance.


Jack Cashman, AventaMed chairman, lead angel and member of HBAN MedTech Syndicate & Irrus Investments, said: “I first met the co-founders in 2014 and was very impressed by the team and the device that they had developed. From a very early stage, they showed the potential to grow from a small research project to a lucrative medical devices Company, with pipeline products already on the drawing board.


“After the first round of funding I was asked by the co-founders to take on the role of Chairperson and I readily agreed. The other investors and I are providing AventaMed with ‘smart money’, using our knowledge of the medical devices and wider healthcare industries to assist the company and its commercial traction.”

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