Halifax-based medtech company Audioptics Medical, whose device can see through eardrums to study the middle ear, has closed a $1.9 million investment round led by Innovacorp and the German medical device company Carl Zeiss Meditec AG.
Innovacorp, the Nova Scotia government’s early-stage venture capital agency, is a returning investor in Audioptics, having invested $100,000 in the company in its 2019-2020 fiscal year. As well as the two lead investors, the round included the backing of several angels.
Audioptics has developed a system that can visualize and measure the structures of the middle ear through an intact eardrum. The device will provide ear specialists with precise diagnostic information that can be used to non-invasively diagnose illnesses in the middle ear, thereby avoiding exploratory surgery. The goal is to ensure that patients with conductive hearing loss receive the best treatment and improve their surgical outcomes.
“Our mission [is] to apply cutting-edge imaging technology to solve the clinical challenges of conductive hearing loss, a disorder that affects more than 100 million people worldwide,” said Audioptics CEO Dan MacDougall in a statement. He added the funding “marks a major step in Audioptics' path towards the commercial development of the Ossiview Middle Ear Imaging system, our flagship product."
MacDougall, then a PhD student, co-founded the company four years ago with Rob Adamson, assistant professor in biomedical and electrical engineering at Dalhousie University. In 2018, it was chosen as one of four companies in the inaugural cohort of Innovacorp’s MedTech Accelerate Program.
As well as the backing of local investors, Audioptics attracts strategic investment from Carl Zeiss Meditec, an international medical technology company. Its solutions include implants and consumables that diagnose and treat eye diseases. It also provides visualization solutions in minimally invasive surgery and medical diagnostics covering specialties such as neurosurgery and spine surgery.
"Innovacorp has been a long-time supporter of Audioptics,” said Innovacorp Investment Manager Lidija Marusic. “We are excited to see the progress the company has made in developing its unique medical technology that addresses a problem faced by so many people.”
Disclosure: Innovacorp is a client of Entrevestor.