A new species of Hydromedusa belonging to the genus Octocanna Haeckel 1879, here revived, is described from the coastal waters off Santos. The new species belongs to the family Phialuciidae, it is named Octocanna haeckeli sp. n. and differs from the other two species of the genus in being smaller, in having a high dome shaped umbrella, four tentacles, eight bulbs and eight marginal vesicles at sexual maturity. The genus Octocanna is here revived for Phialuciidae with eight radial canals, eight gonads, four or more tentacles and never more than four lips. The genus Octophialucium Kramp 1955 is considered valid for Phialuciidae with eight radial canals, eight gonads and eight lips. In the same series of samples, some specimens of Octophialucium bigelowi Kramp 1955 were taken which are very similar to Octocanna haeckeli but have eight lips, eight tentacles, rudimentary bulbs and a larger number of marginal vesicles at sexual maturity, which is reached at approximately the same umbrella size. The two similar species were taken in the same water mass at approximately the same time of the same year.