Mindshift Capital, a UAE-based VC firm, has invested in the Series C invesment round of US-based Medtech OtoNexus Medical Technologies.
Led by CEO Caitlin Cameron, OtoNexus has developed the world's first ultrasound hand-held device to evaluate middle ear infection and increase diagnostic accuracy. Middle ear infections are the number one reason for antibiotic prescriptions as well as why children require surgery. However, current detection accuracy is only around 50% in the key differentiation of viral versus bacterial infections. This new device improves accuracy and efficiency of diagnosis with results within 2 seconds.
This the eighth investment for Mindshift Capital in its inaugural fund. To date the fund spans the US, Middle East and Asia. The addition of OtoNexus demonstrates further growth for the fund in securing investments in global companies, and showcasing the collaborative and agile reach of the dual US & UAE headquartered team amongst strong co-investors.
Mindshit Capital Founding Partner, Heather Henyon mentioned “This is an exciting investment for Mindshift Capital. Mindshift Capital invests in exceptional female founded companies at the forefront of innovation in sectors such as Medtech. OtoNexus Medical Technologies is solving one of the biggest issues of our time – the overuse of antibiotics. The pedigree of the founding team and momentum within the business is exceptional and we are proud to join OtoNexus’ investors. We are delighted to welcome Caitlin Cameron and team into the Mindshift portfolio. We can see excellent international expansion opportunities and are looking forward to future success. In addition, this investment is evidence of the high quality of deal flow that we are experiencing as a result of our investment focus across core sectors with female founders and Mindshift’s global networks.”
Caitlin Cameron, CEO OtoNexus Medical Technologies commented “We are targeting a 50% reduction in the use of antibiotics for middle ear infections. This is a global problem and the investment from Mindshift Capital is recognition of the value of our unique technology, to empower the physician’s fight against the overuse of antibiotics and improve the treatment of middle ear infections. Further global reach means that more healthcare practitioners and therefore families will benefit from our work. The Mindshift team show us how global collaborations from a gender-lens fund make a difference where it matters, in better healthcare for all. Working alongside a fellow female founded team cements our shared commitment to bringing innovative technology to a world stage.”
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