EyeYon Medical, a graduate of VLX Ventures’ technology incubator, raised $3.6 million from leading Israeli funds
EyeYon Medical developed a unique contact lens for the treatment of Corneal Edema. Nahum Ferera, CEO of EyeYon Medical: “We are proud of completing the funding with top-tier partners, and the expression of confidence we received from our investors”
EyeYon Medical, a graduate of VLX Ventures’ technology incubator, which develops innovative solutions for Corneal Edema, announced today the raising of $3.6 million from TriVentures, Pontifax, a large Indian distributor, the Israeli Chief Scientist and existing investors.
Another participant in this round and an existing share holder in the company is the investments group Docor International, part of the Van Leer Group Foundation founded in 1969 by Bernard Van Leer, a Dutch industrialist and philanthropist.
All in all, the company has succeeded in raising $4.3 million since it was established, with the first funding happening nearly 3 years ago when the company entered the Van Leer incubator (now known as Van Leer Xenia Ventures, VLX).
The company was founded by senior Ophthalmologist Dr. Ofer Daphna, and expert Eye Surgeon Dr. Arie Marcovich. Corneal Edema is expressed in eyesight impairment and severe pain of the eyeball. Today, the only effective solution is corneal transplant from a human donor, which is the world’s oldest and most common organ transplant procedure.
EyeYon Medical’s leading product, sales of which began this year, is a hyper-osmotic contact lens. Hyper-CLTM – a unique contact lens that creates a cavity above the center of the cornea. That cavity can store hypertonic drops for long duration and by that, extract fluids by osmosis from the cornea. The Hyper-CLTM have shown impressive capabilities for the relief of corneal edema in extensive clinical trials. The unique lens has been found to be useful for numerous corneal diseases and today the company is working to expand the indications. The company has another product in development stage – an implant which cures the disease completely, thus eliminating the need for corneal transplant.
The latest funding is intended to provide EyeYon Medical with backing to cover clinical trials, introducing the product to global markets and the continued development and commercialization of its unique products.
Nahum Ferara, CEO of EyeYon Medical: “This funding is a very significant vote of confidence in the company, from both leading funds and existing investors. Together with our new partners we can realize the company’s great potential to help improve the quality of life of millions of patients worldwide. The new investment will allow us to expand the company’s quality staff and promote accelerated development in innovative products to improve the world of Ophthalmology”.
Ori Choshen, CEO of VLX Ventures: “We are thrilled that first class investors believed and invested in EyeYon Medical. The investment is the result of the company’s hard work with close assistance of the incubator’s team, and the outcome at all levels- product, go-to-market, strategy and sales- speak for themselves. EyeYon Medical is a promising portfolio company, and this funding will accelerate its pace of entry into the market”.
Elka Nir, Chairman of the Board, EyeYon Medical: “We welcome the inclusion of leading investors in the company. This is further evidence of the company’s technological and corporate leadership in its field. This major funding will help the company to introduce breakthrough products to many patients in different markets”.
Michal Geva, Managing Partner at TriVentures: “We are proud to make the first investment in EyeYon Medical from our New TriVentures III fund. EyeYon Medical has shown exceptional achievements in a short time with the professional support it received from the incubator combined with the company’s professional team. We believe that the company solves a real medical problem which has no other suitable solution, by applying cutting-edge technology. In addition, the potential embedded in the technology developed by the company for other applications – such as the synthetic implant – is revolutionary for doctors and patients alike.”
Assaf Shinar, Director on behalf of Pontifax: “This revolutionary technology has a number of potential applications. We believe that now the company has the appropriate resources to promote their products and establish the company as a market leader in its field.”