Holland-based venture fund cultivate(MD) Capital Fund II LP has invested in SafKan Health Inc., a Seattle, Wash.-based developer of a headphone system that removes ear wax.
SafKan Health is now working to beta test the OtoSet system and to develop and publish case studies with health systems in the U.S. The company will use the capital to seek U.S. Food and Drug Administration approval, produce inventory and pursue targeted commercialization.
OtoSet replaces time-consuming wax-removal procedures performed at physician practices and Ear, Nose and Throat specialists and take less than a minute, according to co-founder and CEO Sahil Diwan.
“I was so impressed with the SafKan team’s simple and elegant solution to a widely understood, yet underserved problem,” said Rob Ball, CEO of Genesis Innovation Group, which formed cultivate(MD) Capital Fund II last year. “We consider the opportunity to have a high likelihood of success with fewer risk factors than we typically face.”
The venture fund targets early-stage health care companies with a focus on medical devices, particularly orthopedics. The fund invests up to $1 million into a startup across multiple capital rounds.