Irvine-based VC firm Adventus Ventures, which focuses on medical technology companies, last week said it completed a $3 million Series A round of equity financing, led by Korea’s OnFace SDC, a technology investor focused on Internet of Things, artificial intelligence, and integrated systems.
The Business Journal first reported on the partnership between OnFace and Adventus in February; the size of the investment wasn’t announced at the time. Company officials now say upwards of $10 million could be invested by OnFace in the Series A.
The money will be used for two of Adventus’ local portfolio companies, Allevion Therapeutics and Pressao Medical. Allevion and Pressao develop smart, therapeutic wearables—think wristbands and watches with sensors—designed to help manage essential tremor and hypertension issues, respectively.
“The wearables we are developing are true game changers that address unmet needs and allow us to tap into multi-billion dollar opportunities,” Shawn Moaddeb, chairman of Adventus, said in a statement.
