Dreampact adds to portfolio with PhotoniCare investment

Co-founder & CEO Ryan Shelton

Source: Nathan Rubbelke - Reporter, St. Louis Business Journal

St. Louis-based Dreampact Ventures, a venture capital firm founded by six former A-B InBev executives, has grown its portfolio with an investment in a medical device startup.

Terms of the investment were not disclosed. The investment in the startup, PhotoniCare, marks Dreampact’s first healthcare deal. PhotoniCare has developed a non-invasive, handheld device, called the TOMi Scope, to diagnose ear infections and diseases.

“We were impressed by the high caliber team and their passion around solving such a big problem that hasn’t seen meaningful innovation in decades,” said Dreampact co-founder and principal Pablo Gonzalez. “PhotoniCare’s TOMi Scope provides clinicians the first-ever view of ear fluid directly through the eardrum. We’re confident the PhotoniCare team has found a solution that will lead to better outcomes for both the doctor and most importantly the patient, which is why we were so eager to invest.”

Founded in 2013, PhotoniCare was spun out of technology developed by its founders at the University of Illinois Urbana-Champaign. The startup’s medical device uses imaging technology to access the middle ear. The technology aims to better treat ear infections than traditional examination methods, which the startup says results in a 50% misdiagnosis rate. PhotoniCare so far has completed eight clinical studies and has two additional studies underway.

“We are thrilled to be Dreampact’s first investment in healthcare,” added PhotoniCare co-founder and CEO Ryan Shelton. “The Dreampact team is incredibly proactive in adding value to our mission, by bringing their connections and their important operational and international experience to the table.”

PhotoniCare is the sixth company to join DreamPact Ventures’ portfolio. It also includes construction-focused tech firm Ryvit, fintech startup Become, wellness firm Balance, edtech startup Plexuss and e-sports company Misfits Gaming.

Dreampact made its first investment in April 2018, and it is targeting investments in financial and education technology, entertainment, longevity and wellness, and what it calls “connected world.” The firm’s co-founders and principals include Gonzalez, Odilon Queiroz, Fued Sadala, Joao (John) Guerra, Luiz Edmond and Gustavo Pimenta. The firm's managing director is Lucas Donnelley.