Johnson & Johnson enters $37m round for PowerVision

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PowerVision, a company developing an accommodating intraocular lens, has added Johnson & Johnson Development Corporation (JJDC) to its list of investors in a Series C financing round that closed with commitments of $37m.

The company’s technology uses fluids inside its lens in combination with natural muscle forces in the eye to create a shape change in its lens, restoring accommodative function.

The company says its technology has the potential to create an average of five or more diopters of power change, equivalent to the accommodative range of a 35-year old, removing the need for glasses or other corrective lenses in patients who receive its implant.

The round will help finance the company’s ongoing R&D activities as well as its clinical trial targeted at achieving the CE Mark in Europe.

Current investors Venrock, Advanced Technology Ventures, and Frazier Healthcare Ventures, also participated in the round. Other investors in the round besides those participating in this last closing have also included Panorama Capital and Medtronic.

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