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Venrock re-ups in $10m Series D extension for sight restoring contact lens company

18 Jun 2014

eyeVenture capital firm Venrock has joined another round of investment for medical device company PowerVision, bringing total funding for the round to $30m.

For the first time venture capital firms Aisling Capital and Correlation Venture Partners also joined the Series D round.

PowerVision said proceeds of the funding will be used to complete patient enrolment in its ongoing suitability study for its intraocular lens FluidVision, so that the product can achieve the medical standard CE mark.

The lens is designed to permanently restore clear vision at all distances for patients with cataracts and presbyopia by mimicking the eye’s natural ability to change shape and adjust focus in the way young, healthy eyes do.

PowerVision president Barry Cheskin said, “Current treatment methods fall short, and most patients must still rely on reading glasses or other corrective lenses to see both near and far.

“The FluidVision lens would eliminate that need, and could provide a new option for millions of people with these conditions.”

PowerVision’s other major investors include Advanced Technology Ventures, Frazier Healthcare, Johnson & Johnson Development Corporation and Medtronic.

The company has been slowly and surely raising funds for the last several years, having collected $20m in its first Series D push by January this year. It closed its Series C financing round with $37m in March 2012.

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