As per the venture Ajax Health II, the funding will be used to operate and expand new medical device companies. Ajax Health seeks to invest in disruptive technologies in the medical device space and value-creating business models, where returns could be realized within 48 months.

The core teams, which will work with the companies, will have a strategic combination of market, technical and execution experience.

HealthQuest founder and managing partner Garheng Kong said: “Ajax Health approaches medical device innovation in a novel way, applying best-in-class strategies to pinpoint technologies with the greatest opportunity to take off, then rapidly developing them into a fully integrated business.

“Ajax Health’s proven executive team, led by Duke Rohlen, Doug Koo and Aftab Kherani, has shown an exceptional ability to develop medical technologies successfully and cost efficiently.”

The team of Ajax Health expects to combine their experience and support medical device companies. Ajax Health chairman and CEO Rohlen held top executive roles at companies such as EPIX Therapeutics, Ajax Vascular, Spirox, CV Ingenuity and FoxHollow Technologies.

Rohlen is joined by Kherani, who is Ajax Health chief medical officer and Koo, the company’s chief financial officer.

Rohlen said: “I am extremely grateful to our partners HealthQuest, Aisling and Polaris for backing Ajax II. These firms have been exceptional partners for a long time and I look forward to working with them again.”

Last July, the company secured $120m in series B funding from ICONIQ Capital, HealthQuest Capital, Polaris Partners, WTI and others. Majority investor KKR and existing investor Aisling Capital also participated in this round.

Ajax Health was founded in 2017 with a $95m investment from KKR, Aisling Capital and Rohlen. The firm focuses on opportunities in de-risked medical technology. To advance technologies, it claims to identify several under-served medical needs and offers human and financial support.