Revision Optics, a US-based developer of medical device treatments for eye disorders, raised $32m yesterday in a funding round led by healthcare group Johnson & Johnson.
The corporate, which invested through its Johnson & Johnson Development Corporation (JJDC) unit, was joined by Canaan Partners, Domain Associates, Interwest Partners and Proquest Investments.
Founded in 1996, Revision Optics has created an implant similar to a contact lens to treat presbyopia, an age-related condition that results in a worsening vision with symptoms such as experiencing difficulties to read small print.
The technology was approved by the US Food and Drug Administration in June 2016. The new funding will support extended commercialisation efforts of Revision’s lead product, the Raindrop Near Vision Inlay, in the US.
Part of the funding will be used to drive marketing activities and boost Revision’s medical affairs team. The company has raised at least $165m in equity funding to date, according to securities filings, as well as $10m in debt financing secured in August 2016.
JJDC previously backed Revision’s $55m series E round in 2013 alongside RusnanoMedInvest, a subsidiary of Russian government-owned investment firm Rusnano, Canaan, Proquest Investments, Interwest and Domain Associates.
John Kilcoyne, president and chief executive of Revision Optics, said: “Revision Optics is clearly fortunate to have a supportive base of highly regarded venture investors, and we appreciate their significant support in this most recent financing.
“We are now well-capitalised to continue our controlled launch of Raindrop, paying particular attention to ensuring excellent outcomes for both our ophthalmic surgeons and their Raindrop patients.”