ReefHaven Ventures launches San Diego medtech fund, backs three UC San Diego startups
What's the deal? ReefHaven VenturesDealroom has a profile for this one. Try Dealroom →, a new venture capital firm focused on early-stage medical technology startups in San Diego, has launched in partnership with the University of California San Diego. Founding managing partner Garrett Smith has already made three investments in UC San Diego-affiliated medtech companies: KatoMed, AcurionDealroom has a profile for this one. Try Dealroom →, and Dragon Vascular.
What's the endgame? The firm targets startups at the convergence of medical technology, artificial intelligence, and robotics. It plans more than two dozen investments in San Diego medtech companies over the coming years, with a focus on reinvesting in the local innovation ecosystem.
Why now? Smith argues the region produces top-tier research but lacks the funding infrastructure to match. "I've always believed and seen first hand that UC San Diego innovation rivals anything out of the Bay Area," he said, adding that the city "lacks the same supporting ecosystem, especially when it comes to early stage investors."
Who's behind it? Smith earned his bioengineering PhD at UC San Diego in 2012. He co-founded NasseoDealroom has a profile for this one. Try Dealroom →, a startup spun out of his doctoral research that developed nanotube surface technology for dental and orthopedic implants, taking it through FDA 510(k) clearance and commercialisation.
He later helped create Oculeve, a company developing a non-invasive neurostimulator to treat dry eye disease. It attracted tens of millions of dollars in venture funding and was acquired by AllerganDealroom has a profile for this one. Try Dealroom → for $125 million.
The first bet: ReefHaven's debut investment, KatoMed, built a navigation tool for spine surgery aimed at safer, lower-cost procedures. The startup licenses intellectual property from the lab of UC San Diego electrical and computer engineering professor Michael Yip and took part in the university's MedTech Accelerator.
The signal: ReefHaven's launch reflects a push to build regional startup ecosystems outside established hubs like the Bay Area. By tying the fund directly to a research university that ranks among the top 10 nationally for startup activity, the firm is betting local capital can keep local innovation from leaving town.
Read more: UC San Diego Today
