Adventus Ventures announced that it has completed a $3 million Series A round of equity financing. The investment round was led by OnFace SDC, a $250 Million diversified technology company with global leadership in Internet of Things (IoT), artificial intelligence (AI), and integrated systems.
The money will be used to further develop core technologies and product platforms in two of Adventus’ portfolio companies, Allevion Therapeutics and Pressao Medical. Allevion and Pressao develop smart, therapeutic wearables designed to help manage essential tremor and hypertension, respectively.
“In addition to the $3M investment, OnFace is dedicating its exceptional design and manufacturing teams to help us speed up development and time to market,” said Sung Pak, CEO of Pressao. Troy Barring, CEO of Allevion Therapeutics, added, “The $3M is part of a $10M Series A fund-raising effort and OnFace’s investment is a confirmation of our clinical and commercial potential, as well as confidence in our teams.” Shawn Moaddeb, Chairman of Adventus Ventures, further added, “The wearables we are developing are true game changers that address unmet needs and allow us to tap into multi-billion dollar opportunities. We expect to close the remaining part of the Series A fundraising effort shortly, which gets us a step closer to the goal.” JY Yang, CEO of OnFace SDC, stated, “OnFace, too, has an ambitious growth plan and the long-term partnership we are building with Adventus and its two companies will serve as a platform on which to achieve our growth objective.”
Adventus Ventures also announced the opening of its Global Center for Medical Device Innovation in a newly-built $39Mcomplex in Gumi, Korea to select early-stage medical startups, provide technical and financial resources, and mature them into global businesses.
“We are very excited to have Adventus Ventures and the expertise the company brings to the high-tech companies of Gumi, a city renowned for world-class capabilities in information and communication technologies, skilled labor, and infrastructure,” said Dr. Ben Song, International Business Development Advisor of Adventus Ventures and Director of Gumi Electronics Research Institute, a $110M medical device incubator located in the “Silicon Valley of Korea.”