Auckland's Avasa Secures Pre-Series-A Funding to Revolutionize Microsurgery

Avasa, an innovative MedTech startup based in Auckland, has successfully completed the first closing of its Pre-Series-A capital raise, with a total raise amounting to NZD$4.75 million. This funding round was spearheaded by Movac, one of New Zealand's premier and longest-standing venture capital firms, and saw strong participation from existing investors like Bridgewest Ventures, who led Avasa’s seed round, along with several new backers.

The oversubscription of this round underscores the strong market interest and confidence in Avasa’s vision. The startup is set to redefine the practice of reconstructive microsurgery with its flagship product, the Avasa Coupler. This innovative device addresses a critical need within the field by facilitating the safe, swift, and standardized reconnection of micro-arteries, a process historically reliant on complex hand-sewing techniques performed under microscopes—a laborious and time-consuming task for surgeons.

Founded by clinician-bioengineer Dr. Nandoun Abeysekera, Avasa aims to transform this aspect of surgical practice. Dr. Abeysekera expressed his excitement about this recent funding milestone: "This is a huge achievement for Avasa. After seven years of dedicated research and development, we've reached a design freeze for the Coupler and have produced pre-production units that have tested successfully in chronic animal studies. The demand for our solution is clear, as 89% of over 100 surveyed microsurgeons expressed a strong clinical need for our technology. We are now focused on getting this into their hands, and this capital will facilitate our journey through FDA clearance and market entry within the next 18 months."

Movac's Senior Investment Manager, Byron van Vugt, commented on the alignment of Avasa’s mission with their investment goals. He remarked on Dr. Abeysekera’s firsthand experience as a practicing surgeon, emphasizing the depth of understanding that has informed the development of the Avasa Coupler. “He has assembled a remarkable team and surrounded the business with world-class advisors. The Avasa Coupler presents an elegant and IP-rich solution that meets a significant demand within a large but overlooked market,” he stated.

Bridgewest Ventures, which first invested in Avasa in 2022, echoed similar sentiments. CEO Saum Vahdat expressed pride in supporting Dr. Abeysekera and his team as they reach this pivotal milestone. “The Avasa Coupler is positioned to revolutionize the field of reconstructive microsurgery, and as they prepare for FDA clearance and commercial launch, we’re excited to partner with Movac, whose leadership has greatly contributed to this round.”

With the essential funding secured, Avasa is keen to finalize the verification testing of its Coupler, pushing towards commercial launch. As part of its growth strategy, the company is also enhancing its leadership team with a senior commercial executive hired from Fisher & Paykel Healthcare. Dr. Abeysekera remarked, “Our technology is poised to set a new standard for microvascular connections, ultimately making microsurgery safer, faster, and more accessible on a global scale.”

About Avasa

Avasa is a groundbreaking New Zealand-based medical device startup focused on developing innovative solutions for reconstructive microsurgery. Founded in 2018, the company is on the brink of launching its first product, the Avasa Coupler, which aims to standardize and simplify the arterial reconnection process.

About Movac

Movac stands as New Zealand's most experienced venture capital firm, boasting over 25 years of supporting ambitious entrepreneurs. With a rich history and a portfolio that includes a number of high-growth firms, Movac continues to be a leading force in innovation and economic development in New Zealand.

About Bridgewest Group

Bridgewest Group is a global investment firm with a strong reputation for nurturing transformational businesses. With over $3 billion in private capital, the firm specializes in sectors like Life Sciences, Software, and Artificial Intelligence, leveraging its worldwide network to create impactful, scalable ventures.