Ophthalmology technology company Smartlens announced it closed a $6.1 million Series A equity financing round led by Ambit Health Ventures.
Stanford University, Sophia Innovation Capital, Graphene Ventures, Plaisance Capital Management, Boutique Venture Partners, Wilson Sonsini Investments and 3E Bioventures also participated in the round.
WHAT IT DOES
Smartlens offers miLens, an electronics-free soft contact lens that allows providers to gather data to monitor diurnal intraocular pressure using microfluidics technology. Studies have shown variations in intraocular pressure can indicate risk factors for glaucoma or worsening of the condition.
The company will use the funds to pursue regulatory clearance of its offering.
“This technology is of the utmost importance in comprehending glaucoma and the daily fluctuations in intraocular pressure. Its implementation will enable physicians to enhance glaucoma treatment and mitigate the risk of permanent vision loss. Ambit Health Ventures takes great pride in being involved with this innovative technology,” Dr. Sam Goldberger, cofounder and managing partner of Ambit Health Ventures, said in a statement.
MARKET SNAPSHOT
Approximately three million Americans suffer from glaucoma, and the disease is the second leading cause of blindness worldwide. Of the two major types of glaucoma – primary and secondary – secondary glaucoma is caused by increased intraocular pressure, which causes optic nerve damage.
Other companies focused on glaucoma screening include Israeli startup Opthalmic Sciences, which offers IOPerfect, an AI-based contactless intraocular pressure measuring device. Indian medical device-maker Remidio Innovative Solutions offers an integrated screening solution for referable glaucoma that consists of a fundus on phone, a retinal imaging device and an AI algorithm for offline inferencing.