Belmont, CA-based PowerVision has added Medtronic ($MDT) to its list of investors in a recent closing of its Series C financing. Current investor Venrock also participated in the closing. In addition, Advanced Technology Ventures, Frazier Healthcare Ventures and Panorama Capital also took part in the round. The closing brings PowerVision's Series C financing round to a total of approximately $24 million.
The round will fund the company's R&D activities and a clinical trial to obtain the CE Mark in Europe, PowerVision says in a release.
Implants of intraocular lenses in the U.S. exceed 3 million each year. However, the implants lack the ability to fully restore accommodative ability, i.e., the ability to dynamically adjust focus to see at distance and near, as well as all points in between. PowerVision's technology uses fluids inside its lens in combination with natural muscle forces in the eye to create a shape change.
As MassDevice notes, Abbott Laboratories has been involved in the field since 2009 when it acquired Visiogen and its intraocular lens technology for $400 million. In March 2010, the company nabbed FDA clearance for its TECNIS Multifocal 1-Piece intraocular lens.
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