The Venture Codex

Participated · Series A · Dec 2025

Kitea Health is an Auckland University Bioengineering Institute spin-out building a miniature implant that wirelessly measures pressure inside the brain or heart and transmits data through an external wand. The device is designed to cut down false alarms and provide clinicians with real-time information for patients suffering from hydrocephalus, heart failure, or traumatic injury. Kitea has already completed a first-in-human safety study at Auckland Hospital, implanting the sensor in 20 patients aged 18 months to 84 years with no adverse effects reported. The company is preparing a 150-patient U.S. trial at Texas Children’s Hospital, targeting FDA clearance that could unlock approvals in the UK, Singapore, Australia, and New Zealand. Kitea employs 24 staff (23 in Auckland and one U.S. regulatory specialist) and has attracted $14 million in research grants. Financially, the firm closed an oversubscribed $13 million pre-Series A round, following a $6 million seed raise in 2023, and management believes the new capital will last through late 2027 and completion of U.S. trials. Future capital raises are expected only after trial results, potentially involving U.S. med-tech investors or a strategic acquirer.

Participated · Equity · Sep 2023

Avasa is developing the Avasa Coupler, a category‑defining device that enables safe, fast and standardized reconnection of micro‑arteries used in reconstructive microsurgery. The company has reached design freeze and built pre‑production units that achieved 100% success in chronic animal studies. Founder and CEO Dr. Nandoun Abeysekera is a clinician‑bioengineer and Avasa reports strong clinical demand—89% of the 100+ microsurgeons interviewed expressed strong interest. Founded in 2018 and based in Auckland, New Zealand, Avasa is completing verification testing and recruiting commercial leadership to build its go‑to‑market strategy. The company intends to use the new capital to progress through FDA clearance and to launch commercially within the next 18 months. Avasa, led by CEO and founder Dr. Nandoun Abeysekera, is an Auckland, New Zealand-based medical device company focused on innovating surgical procedures through implantable devices. The company’s core product targets reconstructive microsurgery to help patients who have suffered debilitating disease and deformity. Avasa raised $1.55M in funding and intends to use the proceeds to expand operations. The announcement lists participation from both new and existing investors. Dr. Abeysekera expects the scope of the company’s device to expand into other surgical fields, including organ transplants, cardiothoracic surgery, and vascular surgery. The coverage was reported by FInSMEs on 14 September 2023.

Participated · Equity · Nov 2018

Dotterel builds a noise-dampening shroud that diverts propeller noise upward, contains noise-absorbing materials and houses microphones plus software to filter out propeller noise for onboard audio recording. The shroud also eliminates the injury risk from exposed propeller blades. The company currently manufactures its own drones but plans to license the shroud to other drone makers. Dotterel is targeting the movie-making and defence industries now, and sees future opportunities in home delivery and last-mile logistics. The three-year-old, eight-person startup is still loss-making and at an early stage of commercialising its technology. A partnership with MIT gives Dotterel access to acoustic-engineering students for supplementary R&D.

Participated · Series A · May 2018

Rain Therapeutics is developing small-molecule oncology drugs and recently added an MDM2 inhibitor, RAIN-32 (formerly Daiichi’s DS-3032), to its pipeline via a global license from Daiichi Sankyo. The company plans to use the newly acquired asset to pursue a pivotal trial in well-differentiated/dedifferentiated liposarcoma (WD/DD LPS) and to launch a phase 1b/2 MDM2 basket study next year. Rain’s addition of RAIN-32 shortens its path toward a potential first approval compared with its prior focus. Before the license, Rain was advancing tarloxotinib, a prodrug that releases a pan-HER inhibitor, and is running a phase 2 trial in NSCLC patients with EGFR exon 20 insertions, HER2 activating mutations, or NRG1/ERBB family fusions. The company disclosed a $63 million financing to support the RAIN-32 pivotal program and basket study. The licensing deal and financing were positioned to accelerate clinical development without disclosing detailed financial terms or investor identities. Rain Therapeutics is a clinical-stage biotech focused on biomarker-driven small molecule cancer therapies. Its lead program, Tarloxotinib (Tarlox), is a hypoxia-activated prodrug of a potent pan-ErbB inhibitor in development for non-small cell lung cancer patients with EGFR/ErbB Exon 20 insertion mutations. Rain holds worldwide development and commercialization rights to Tarloxotinib through an exclusive license from the University of Auckland. The company intends to use recent financing proceeds to advance Tarloxotinib’s clinical development and to commence a Phase 2 proof-of-concept study in the first half of 2019. Rain is led by co-founder and CEO Avanish Vellanki, with co-founder Robert Doebele involved as a scientific founder. The company is based in Fremont, Calif.