US-based intraocular lens developer PowerVision closed its series C round at $37.2m it has emerged, as it added Johnson & Johnson Development Corporation (JJDC) to its pool of investors, on 22nd December.
JJDC joined venture capital (VC) firms Advanced Technology Ventures, Venrock and Frazier Healthcare Ventures, all existing investors, in the round’s final closing. Medical technology company Medtronic and VC firm Panorama Capital participated in the round’s initial closing, in July last year.
The intraocular lens implants PowerVision is developing combine fluids inside the lens with natural muscle forces in the eye to change the shape of the lens, adjusting it for near or distant sight. The technology, though not yet approved for marketing or sale, has the potential to do away with the need for glasses or contact lenses in patients who receive the implant.
PowerVision, which has now raised a total of $67m in capital from backers also including financial services firm JP Morgan, will use the capital to fund a crucial clinical trial in Europe as well as more general research and development activities.