Norlase announced it has closed its biggest investment round thus far. The $11 million USD in funding was led by London-based firm West Hill Capital.
The funding comes on the heels of the FDA clearance and CE mark approval of the company’s most advanced product to date, the ECHO pattern laser. It will enable Norlase to accelerate the production ramp-up of the ECHO pattern laser, as well as its other cutting edge laser treatment solutions. This is crucial amidst a worldwide shortage of ophthalmologists and a rising number of patients due to the epidemic rise in diabetes and aging.
“In four short years, Norlase has brought three revolutionary laser solutions to market,” said Norlase CEO and co-founder Oliver Hvidt. “With the introduction of ECHO, we are ushering in a new chapter for pattern laser products. This incredible technology reduces what is today a large, 100-pound piece of equipment, into a device you can hold in the palm of your hand and easily attach to existing slit-lamps. It’s the convenient and affordable pattern laser that the market has been waiting for. The launch of ECHO in the USA and EU, combined with the growing demand for our LION laser indirect ophthalmoscope and LEAF single-spot laser, means we need to drastically expand our production and global market presence. We are excited about this challenge and thankful for the support of our investors.”
Norlase states that the new ECHO pattern laser has already been adopted by several top retina specialists in the US immediately following launch of the product.
As the product rolls out in the USA and EU, a significant increase in the capacity of the Norlase production facility in Denmark is needed to meet demand. The new funding will address this and also enable the company to continue to invest heavily in R&D to develop additional solutions that ophthalmologists seek. The company reports that its next major innovation is already in the pipeline.
In addition to ECHO, the Norlase product portfolio includes the ultra-portable LEAF single-spot laser and LION laser indirect ophthalmoscope. These products provide a solution for the limitations of older existing technologies. The lightweight lasers feature industry-first voice control, a user-friendly interface, and fiberless design.
The advanced technology and features come in an ultra-compact package, which affords ophthalmologists the treatment flexibility, reliability, and efficiency they seek in their practices.
With a presence in most of the top 10 eye-hospitals and teaching institutions in the US, and with rapid adoption of its technology around the world, Norlase is poised to achieve over 100% sales growth for the fourth consecutive year.