PowerVision, Inc., a Belmont, CA-based developer of an accommodating intraocular lens, has closed a $24m Series C financing.
Backers include strategic investor Medtronic, and Venrock, Advanced Technology Ventures, Frazier Healthcare Ventures and Panorama Capital.
The company intends to use the capital to expand its ongoing R&D efforts as well as conduct a clinical trial targeted at achieving the CE Mark in Europe.
In conjunction with the funding, Dr. Stephen Oesterle, Senior Vice President, Medicine and Technology at Medtronic, will serve as an observer on the company’s Board.
Led by President & CEO Barry Cheskin, PowerVision is developing a novel technology designed to fully restore accommodative ability – the ability to dynamically adjust focus to see at distance and near – and all the points in between. The company’s products are not yet approved or cleared for sale.