Patient Square Capital, a Menlo Park, CA-based healthcare investment firm, has created and committed $300 million to Elevage Medical Technologies; a new portfolio company intended to support growth in the medical device industry.

Elevage Medical Technologies, which is currently a remote company without a corporate headquarters, will follow a similar strategy of Patient Square’s Enavate Sciences, which made its debut nearly a year ago. Both aim to provide financial support and lend their experience to startups looking to build out their technical and clinical operations.

“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,” said newly appointed CEO Evan Melrose.

Melrose most recently served as the founding managing director of healthcare investment firm Spindletop Capital. Before that, he held executive titles at two other venture capital firms – PTV Sciences and Burrill & Company.

Patient Square’s launch comes a few weeks after it closed its debut fund with approximately $3.9 billion, bringing its total assets to roughly $5.9 billion. Its portfolio includes Apollo Therapeutics, hearing aid developer Eargo and gene therapy weaver Kriya Therapeutics.