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US-based OtoNexus Medical Technologies has received investment from Keiretsu Capital for the fourth time.
Keiretsu Capital and Keiretsu Forum members are the leading investors in the medical technology firm with a total of $13m in funding since it was founded.
The latest investment round will help OtoNexus to finalise product development and testing for market launch.
OtoNexushas developed ultrasound handheld device to analyse the four disease states of middle ear infection.
Claimed to be the world’s first ultrasound handheld device, it features miniaturised ultrasound technology to diagnose middle ear infections in less than two seconds.
With the help of the device, doctors can evaluate middle ear infections and know whether antibiotic therapy is the right approach.
It is designed to provide clinicians with the information they need to minimise the use of antibiotics, improve patient outcomes and reduce the cost of care.
OtoNexus CEO Caitlin Cameron said: “Our goal is to decrease the usage of antibiotic therapy by 50% for the treatment of middle ear infections.
“From the beginning, Keiretsu Capital has understood how our unique technology empowers physicians to avoid unnecessary prescriptions of antibiotics. With this funding, we are one step closer to completing our product and realising our goal. We are thrilled by this endorsement of Keiretsu Capital.”
Keiretsu Capital managing partner and CEO Nathan McDonald said: “Early on Keiretsu Capital identified OtoNexus Medical Technologies as a company that could change the world.
“OtoNexus identified a huge unmet medical need and developed a unique technology to solve the problem. We are confident in this company and team; they continue to meet their milestones and deliver on targets.”
Keiretsu Capital has invested from Keiretsu Capital Co-investment Funds I, II, III and IV.