Holland Mich.’s Genesis Innovation Group’s cultivate(MD) Capital Fund II, LP, a fund focused on investments in early stage health care companies with innovative technologies, Tuesday announced its investment in SafKan Health Inc. in Washington. SafKan has developed a new cerumen removal system, OtoSet, which addresses the problem of impacted earwax.
“The SafKan device is designed to be a simple and effective solution for a common problem,” says Sahil Diwan, SafKan’s co-founder and CEO. “SafKan takes a time-consuming and sometimes unpredictable procedure and reduces it to under one minute.”
Impacted ear wax removal procedures are frequent and time-consuming for family practice specialists and ear, nose, and throat specialists.
“The SafKan team has been very resourceful and capital-efficient in building functional prototypes, conducting a patient safety study, and in forming an impressive clinical advisory team,” says Matt Ahearn, managing director of the cultivate(MD) Fund. “We are committed to SafKan and support their commercial strategy to launch OtoSet into family and ENT practices followed by clinics and the consumer home health care market.”
SafKan is working on its beta program and partnering with health systems across the U.S. to develop and publish case studies. The company plans to use the funds to secure 510k clearance, build initial inventory, and target commercialization.
“I was so impressed with the SafKan team’s simple and elegant solution to a widely understood, yet underserved problem,” says Rob Ball, CEO of Genesis Innovation Group. “We consider the opportunity to have a high likelihood of success with fewer risk factors than we typically face.”