Smartlens, Inc. has closed an oversubscribed $6.1 million Series A equity financing round to advance regulatory clearance for miLens, a novel, electronics-free, soft contact lens for monitoring diurnal intraocular pressure (IOP).
The funding round was led by Ambit Health Ventures, who was joined by Stanford University, Graphene Ventures, Sophia Innovation Capital, Plaisance Capital Management, 3E Bioventures, Boutique Venture Partners and Wilson Sonsini Investments alongside doctors, industry veterans and key opinion leaders.
At the 2023 American Glaucoma Society Annual Meeting, Smartlens revealed positive clinical results for miLens.
This device is an electronics free soft contact lens that uses microfluidics technology. It enables monitoring of intraocular pressure (IOP) outside of clinical settings for individuals with glaucoma and ocular hypertension.
This development has the potential to revolutionize clinical decision-making by providing previously unattainable data, allowing for personalized treatment and early detection of glaucoma patients, according to the company. From early diagnosis to comprehensive disease management, the utilization of this data can help prevent progression, while also offering tailored treatments for individuals at various stages of glaucoma.
miLens is an electronics-free, soft contact lens that monitors intraocular pressure throughout the day.
Savas Komban, CEO of Smartlens Inc., said, "We are thrilled with the outstanding participation in our Series A, which will bring miLens one step closer to transforming glaucoma care. We would like to thank our partners for their valuable support in our mission.
"Understanding the true nature of the disease in each patient throughout the day will allow proactive and well-informed clinical decisions. These decisions will play a vital role in preventing irreversible blindness for millions of glaucoma patients worldwide," Komban said.
Sam Goldberger, MD, MBA co-founder and managing partner of Ambit Health Ventures added, "This technology is of the utmost importance in comprehending glaucoma and the daily fluctuations in intraocular pressure (IOP). 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."