Adventus Ventures enters investment, joint development and commercialization agreement with OnFace and GERI
IRVINE, Calif., Jan. 25, 2019 /PRNewswire/ -- Adventus Ventures signed a Cooperative Agreement with Korean company, OnFace, last week. OnFace is an Internet of Things (IoT) and artificial intelligence (AI) company, and the agreement was facilitated by Gumi Electronic Research Institute (GERI), a $110M Korean government-funded medical device incubator and the Mayor's office.
In addition to OnFace's initial investments, Adventus Ventures and OnFace will co-manufacture products and jointly develop commercialization plans to expand and extend beyond the initial scope of the products. OnFace and GERI will provide Adventus with full access to their collective equipment, personnel, and facilities to further develop and promote upcoming technologies by Adventus. These technologies are Allevion's Allevx™ Smart wrist-cuff for tremor control and Pressao's BP-ADJUST™ wrist-cuff for hypertension control.
"We are honored to partner with the city of Gumi, GERI, and the outstanding team at OnFace, to build on our shared commitment to provide breakthrough medical innovations that profoundly improve the quality of life of patients worldwide, and the economies of two great cities separated by an ocean but connected by the same mission," said Shawn Moaddeb, Founder & Chairman at Adventus Ventures.
Today's signing strengthens the tie between the two cities and their mutual commitment to medical device development and commercialization. The effort drew positive responses from both cities; as Gumi Mayor, SeYong Jang states, "My office and I will commit our full support to make this relationship a success."
"Considering the vision and track record of the principals of Adventus Ventures, Allevion, and Pressao, and fit with our Innovative Joint Collaboration (iJoCo) program, we view this cooperative agreement as just a start. We plan to make the relationship stronger between Adventus and high-tech companies beyond OnFace," said Dr. Ben Song, Director of GERI. OnFace will invest in Adventus companies Allevion and Pressao, while also licensing their technologies. Adventus plans to set up a subsidiary in Gumi, Korea, and together, the companies will collaborate on identifying and developing new technologies, pushing beyond their individual limits.
About Adventus Ventures:
Adventus Ventures was founded in 2017 as a medical device incubator and early stage funding providing a combination of experienced leadership, financing, legal, strategic and engineering support with wide range of expertise enabling entrepreneurs and early stage companies faster and successful path to exit and commercialization.
For more information, visit the company's website at www.adventusvc.com