PowerVision a company developing an accommodating intraocular lens has raised $20m in a first tranche of a series D round of funding. Return investors in this round included Venrock, Johnson & Johnson Development Corp., Medtronic, Advanced Technology Ventures, Lexington Capital and Frazier Healthcare Ventures.
The company plans to invest the funds raised from this financing in advancing the growing body of clinical validation for its FluidVision® intraocular lens, including completing the study that should enable the business to obtain the CE Mark in Europe next year.
PowerVision’s novel fluid-controlled accommodating intraocular lens technology uses fluid inside its lens in combination with natural muscle forces in the eye to create a shape change in the lens, restoring accommodative ability. While the market for intraocular lens (IOL) implants continues to grow, exceeding three million procedures annually in the US alone, patients who receive a conventional IOL all lose their ability to accommodate – to dynamically adjust focus to see at near and far as well as points in between.
The Company has proven in recent clinical trials that it can deliver excellent near, intermediate and distance vision with its new fully injectable accommodating device. However, PowerVision’s products are not yet approved or cleared for sale.
PowerVision’s Series C financing round totalled approximately $37.2m.