Wuxi Vision Pro has raised $13 million to advance its intraocular lens business. The Chinese medical device company picked up a local approval for its products last year, setting it up to service the country’s growing number of cataract patients.
Working out of a development and manufacturing facility in California, Wuxi Vision has established a portfolio of intraocular lenses designed to improve the vision of patients following cataract surgery. The products picked up CE mark designations in Europe before going on to be registered by the China Food and Drug Administration in July.
The regulatory progress has opened up commercial opportunities to Wuxi Vision, dialling up its need for money. Qiming Venture Partners and Ruijian Capital have stepped in with a $13 million series B round.
Nisa Leung, managing partner of Qiming, made the investment after concluding Wuxi Vision has the products and capabilities to make a mark in China and beyond.
“With Leiming aspheric [intraocular lenses] successfully passing clinical trials and being put into the market, I am very optimistic about the future of the company and have committed to investing in the outstanding enterprise,” Leung said in a statement. “I hope that Leiming will become a leading brand in China and will expand to international markets.”
China alone represents a big opportunity. Wuxi Vision estimates there are 130 million potential cataract patients aged 60 years and older in the country and expects almost 5 million patients a year to undergo surgery by 2020.