Patient Square Capital, a healthcare investment firm headquartered in Menlo Park, Calif., has formed Elevage Medical Technologies, a portfolio company to support the growth of medical device companies by providing capital and strategic advice.

The newly-formed company will work to deliver financial and strategic growth support to a set of medical device technology companies. Patient Square has made a capital commitment of $300 million to Elevage Medical Technologies. Elevage will be led by newly-appointed CEO Evan Melrose, who brings over 25 years of experience in healthcare across clinical, investment and operational roles.

“This is an exciting time for innovation in the medical device field, and through Elevage Medical Technologies, we will support the growth of new, life-changing technologies to impact patient care,” says Melrose. “I look forward to partnering with the Patient Square team and leveraging our combined operational, technical, and clinical expertise to become the leading partner in the sector.”