Smartlens Closes $6.1M Series A Funding to Advance miLens Device
Smartlens, a clinical-stage ophthalmic technology company, announced today that it has closed a $6.1 million Series A funding round to advance the development and commercialization of its miLens device. The funding round was led by Ambit Health Ventures, with participation from Stanford University, Graphene Ventures, Sophia Innovation Capital, Plaisance Capital Management, 3E Bioventures, Boutique Venture Partners, and Wilson Sonsini Investments.
The miLens device is a novel, electronics-free, soft contact lens that uses microfluidics technology to monitor intraocular pressure (IOP) throughout the day. IOP is a major risk factor for glaucoma, a leading cause of blindness worldwide. Currently, there is no way to monitor IOP outside of clinical settings. The miLens device could revolutionize the way glaucoma is managed by providing patients and doctors with continuous, real-time data on IOP.
“We are excited to announce this funding round, which will allow us to accelerate the development and commercialization of the miLens device,” said Dr. Richard Osswald, CEO of Smartlens. “This funding will also help us to build a strong commercial team and to initiate clinical trials in the United States.”
The miLens device is currently in the pre-clinical stage of development. Smartlens plans to initiate clinical trials in the United States in the coming months. The company expects to receive regulatory clearance for the miLens device in 2024.
“We believe that the miLens device has the potential to make a significant impact on the lives of people with glaucoma,” said Dr. Osswald. “We are committed to bringing this innovative technology to market as quickly as possible.”
In addition to the funding announcement, Smartlens also announced today that it has appointed Dr. Mark Terry as its Chief Medical Officer. Dr. Terry is a glaucoma specialist with over 20 years of experience. He is currently the Director of the Glaucoma Service at Stanford University Medical Center.
“I am excited to join the Smartlens team and to help bring the miLens device to market,” said Dr. Terry. “I believe that this device has the potential to revolutionize the way glaucoma is managed.”
The funding and appointment of Dr. Terry are significant milestones for Smartlens. The company is well-positioned to advance the development and commercialization of the miLens device and to make a significant impact on the lives of people with glaucoma.
About Smartlens
Smartlens is a clinical-stage ophthalmic technology company that is developing innovative solutions to improve the diagnosis and management of eye diseases. The company’s flagship product is the miLens device, a novel, electronics-free, soft contact lens that uses microfluidics technology to monitor intraocular pressure (IOP) throughout the day. IOP is a major risk factor for glaucoma, a leading cause of blindness worldwide.
Smartlens is headquartered in Mountain View, California. The company was founded in 2017 by Dr. Richard Osswald and Dr. Mark Terry.