Eudaemon Technologies, a Sydney, Australia-based medtech company developing a hydrogel condom, has completed an oversubscribed $4.5 million seed funding round. The company will use the capital to advance manufacturing, prepare for pivotal clinical trials and pursue international regulatory clearances. Investors participating in the round were not disclosed.
Founded in 2018 by Nick Northcott, Dr Simon Cook and Professor Robert Gorkin, Eudaemon Technologies develops medical devices using advanced materials and manufacturing technologies, with a focus on sexual and reproductive health.
The company’s main product is a latex-free condom manufactured from hydrogel, a polymer-based material containing approximately 50% water. The material is designed to provide inherent lubrication and more closely replicate the mechanical and thermal properties of human tissue than conventional latex and synthetic condoms.
Eudaemon’s technology originated from research supported by the Gates Foundation’s Grand Challenges initiative. The company developed its first prototype in 2021 and conducted a pilot clinical trial involving 34 couples in 2024. The product remains in clinical development ahead of further regulatory evaluation.
The company has also officially opened an advanced manufacturing facility in Annandale, Sydney, as part of its efforts to expand production capacity.
Alongside the completed seed round, Eudaemon has launched a separate $10 million fundraising round intended to support additional clinical trials, regulatory approvals, manufacturing scale-up and commercialisation.
Eudaemon is targeting a commercial launch in 2028, with Australia and the United States identified as priority markets.
