PowerVision Receives $12.5M Investment from JJDC in Series C Round
PowerVision, Inc., a Belmont, CA-based developer of an accommodating intraocular lens, received an additional $12.5m investment from Johnson & Johnson Development Corporation (JJDC) in Series C financing.
Current investors Venrock, Advanced Technology Ventures, Frazier Healthcare Ventures, Panorama Capital and Medtronic participated in the round, whose total amounts now to $37.2m (read here).
The company intends to use the funds tor ongoing R&D activities as well as its clinical trial targeted at achieving the CE Mark in Europe.
PowerVision’s novel technology uses fluids inside its lens in combination with natural muscle forces in the eye to create a shape change in its lens, restoring accommodative function.