Health tech company Azalea Vision announced major financial gains by raising $9 million in support of its ongoing clinical development and research of a medically intelligent ocular technology platform.
Simultaneously, Azalea also introduced a new leader to its Board.
First: a refresh of this company.
Azalea was launched in 2021 as a joint spinoff of imec and Ghent University in Ghent, Belgium—with support from investors in the medical technology (MedTech) and DeepTech space as well as funding grants.
Its purpose: Developing a smart contact lens with an active artificial iris embedded inside.
- And the goal: For this technology to operate as a solution for photophobia and poor visual acuity at an unprecedented level of comfort, discretion, and adaptation to the environment.
Before we get more into that tech, let’s talk funding.
In total, the company closed on a $15 million Series A funding round to raise that aforementioned $9 million—thanks in part to repeat investors, according to CEO Enrique Vega.
Azalea named Germany-based SPRIM Global Investments and Morocco-based Afrimobility among the investors of this round.
And in general: The company’s European investors have previously been reported to include:
- Imec.expand (the Netherlands)
- Elaia Partners (France)
- Sensinnovat (Belgium)
- Shigeru (Switzerland)
And what will this be used for?
The company plans to use the financing to support the initiation of a first-in-human (FIH) clinical trial, which will seek to establish the safety and performance of the aforementioned “medically intelligent ocular technology platform.”
Give a rundown on this technology.
Broadly speaking: Azalea has developed a medical-grade smart contact lens platform designed to integrate adaptive optics, custom microelectronics, and liquid crystal technology.
- The intent: To mimic the human eye’s natural responsiveness of adapting to light, focus, and movement—in real time.
Key to this: An active light management (ALMA) system (but more on that in a moment).
And what ocular diseases does this target?
For now: “Fluctuating” ocular conditions such as:
- Presbyopia
- Keratoconus
- Light sensitivity
Tell me more about this design.
The ALMA lens features:
- An embedded diaphragm with an aperture acting as a light filter
- Easy user customization and adaptability (by patients and clinicians)
- Medical-grade micro-battery and microchip
- Radio frequency (RF) antenna
- NFC-compatible
- Configurable light control
- Capabilities to communicate with external devices—enabling remote control of lens modes
- For example: smartphones and smartwatches
Also: The company noted that the system is built to scale, with the potential for “future applications in diagnostics, biosensing, and ocular drug delivery.”
And how does this compare to a traditional contact lens?
It all comes down to light adjustments.
Specifically: The ALMA system adjusts the brightness of incoming light based entirely on a user’s needs—while simultaneously functioning as a standard lens.
What type of light is targeted?
Two specific kinds:
- Photophobia
- How it targets this: ALMA dynamically adjusts the aperture to varying light conditions for more visual comfort in varying lighting environments
- Iris disorders
- How it targets this: In cases of aniridia or coloboma, ALMA operates as a functional iris to regulate light and for an improved visual experience
Interesting … has it undergone any clinical testing yet?
Sort of … that aforementioned FIH trial (which has yet to kick off) aside.
Back in December 2023: Azalea’s Andrés Vásquez, co-founder and chief technology officer—notably, the inventor of this prototype—was the first “human guinea pig” to have the ALMA successfully implanted.
- Notably: Vásquez had the lens implanted on his left eye.
Check it out below.
Nice! Now circling back to this FIH trial—what do we know?
The study is expected to represent “a key milestone in establishing the safety and performance” of Azalea’s ocular technology platform.
The goal for this: To receive investigational device exemption (IDE) approval from the FDA, as well as continue clinical trial advancements and work toward a potential commercialization.
Anything else we missed?
Yes! The company also announced a major appointment to its Board: Robert J. Dempsey, who will serve as chairman.
His background: Extends to leadership roles within the eyecare industry—most notably leading Shire Inc’s expansion into the ophthalmic business as well as launching Xiidra (which was acquired by Novartis in 2019 followed by Bausch + Lomb in 2023).
- See here for more details on his experience.