PowerVision Raises $20M in Series D Funding
PowerVision, Inc., a Belmont, CA-based developer of an accommodating intraocular lens, closed its $20m first tranche of its Series D funding round.
Backers included existing investors Venrock, Johnson & Johnson Development Corp., Medtronic, Advanced Technology Ventures, Lexington Capital and Frazier Healthcare Ventures.
Led by President, CEO and Co-Founder Barry Cheskin, PowerVision is developing technology which uses fluid inside its lens in combination with natural muscle forces in the eye to create a shape change in the lens, restoring accommodative ability.
The company, which plans to raise up to an additional $10m as part of this round, will use the funds to advance the clinical validation process for its lens, including completing the study that should enable them to obtain the CE Mark in Europe next year.