Avasa, a medical device company based in Auckland, New Zealand, has raised an undisclosed amount in its Pre-Series A funding round.
The funding round was led by Movac, one of New Zealand’s biggest and oldest venture capital funds. Existing investors, including Bridgewest Ventures (which led Avasa’s seed round), also took part, along with several new investors.
The round was heavily oversubscribed and is expected to close at NZD $4.75 million.
Clinician-bioengineer Dr. Nandoun Abeysekera founded Avasa to improve reconstructive microsurgery.
Its key product, the Avasa Coupler, solves a major challenge by allowing surgeons to safely, quickly, and consistently reconnect tiny arteries. Traditionally, this procedure required surgeons to hand-stitch very small arteries under a microscope — a time-consuming and challenging task.
“This is a huge milestone for Avasa,” commented Abeysekera, CEO and Founder. “After seven years of relentless R&D, we’ve reached design freeze for the Coupler and built our pre-production units, which have shown 100% success in chronic animal studies. In addition to my own experience as a plastics resident, 89% of the 100+ microsurgeons we interviewed expressed strong clinical demand for our solution. We’re laser-focused on getting it into their hands, and this capital will take us through FDA clearance and into the market in the next 18 months.”
Movac, the lead investor in this round, said Avasa was a strong fit for its Emerge Fund. Senior Investment Manager Byron van Vugt explained that, since founder Nandoun has worked as a surgeon, he has a deep understanding of the problems the Avasa Coupler is solving.
He added that Nandoun has built an impressive team, brought in top advisors, and developed a product that is both innovative and protected by strong IP. The Coupler solves a major problem in a large but underserved market, and Movac is excited to support Avasa’s journey.
Existing Investor, Bridgewest Ventures, first invested in Avasa in 2022. “We are immensely proud to have supported Nandoun and his team in reaching this pivotal milestone, with the Avasa Coupler poised to revolutionize the field. As Avasa takes its final steps toward FDA clearance and market entry, we’re energized by the opportunity to partner with Movac, whose leadership in this round has been invaluable,” said Saum Vahdat, CEO, Bridgewest Ventures.
Having secured the necessary funding to progress through its FDA application, Avasa is now focused on completing the verification testing of its Coupler and looks forward to its commercial launch. To help build its go-to-market strategy, Avasa recently recruited a senior commercial executive from Fisher & Paykel Healthcare. “Our technology is set to become the new standard for microvascular connections and will help make microsurgery safer, faster, and more accessible worldwide,” said Abeysekera.
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