Smartlens, Inc., a clinical-stage ophthalmic technology company, has closed an oversubscribed $6.1M Series A equity financing round to advance regulatory clearance for miLens, a novel, electronics-free, soft contact lens for monitoring diurnal intraocular pressure (IOP).
The funding round was led by Ambit Health Ventures, joined by Stanford University, Graphene Ventures, Sophia Innovation Capital, Plaisance Capital Management, 3E Bioventures, Boutique Venture Partners, and Wilson Sonsini Investments alongside doctors, industry veterans, and key opinion leaders, the company said in a press release.
At the 2023 American Glaucoma Society Annual Meeting, the Company revealed remarkable clinical results for miLens. This groundbreaking device, the first of its kind, is an electronics-free soft contact lens that uses microfluidics technology. It enables monitoring of intraocular pressure (IOP) outside of clinical settings for individuals with glaucoma and ocular hypertension. This development has the potential to revolutionize clinical decision-making by providing previously unattainable data, allowing for personalized treatment and early detection of glaucoma patients. From early diagnosis to comprehensive disease management, the utilization of this data can help prevent progression, while also offering tailored treatments for individuals at various stages of glaucoma. miLens represents a decade-long, multi-disciplinary team effort to address a significant and unmet clinical need.
Savas Komban, CEO of Smartlens Inc., said, "We are thrilled with the outstanding participation in our Series A, which will bring miLens one step closer to transforming glaucoma care. We would like to thank our partners for their valuable support in our mission. Understanding the true nature of the disease in each patient throughout the day will allow proactive and well-informed clinical decisions. These decisions will play a vital role in preventing irreversible blindness for millions of glaucoma patients worldwide."
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Sam Goldberger MD, MBA Co-Founder, and Managing Partner of Ambit Health Ventures said, "This technology is of the utmost importance in comprehending glaucoma and the daily fluctuations in intraocular pressure(IOP). Its implementation will enable physicians to enhance glaucoma treatment and mitigate the risk of permanent vision loss. Ambit Health Ventures takes great pride in being involved with this innovative technology."
Glaucoma is a group of chronic eye diseases and is the leading cause of irreversible blindness. Elevated IOP is the primary and only treatable risk factor for this condition. According to the World Health Organization(WHO), it is estimated that more than 50% of people with glaucoma are undiagnosed, with over 76 million people suffering from the disease worldwide. This number is expected to increase to 111.8 million by the year 2040.
About Smartlens, Inc.
Smartlens, Inc. is an ophthalmic technology company specializing in developing innovative solutions for diagnosing and treating chronic eye diseases. With a strong focus on addressing unmet needs in ophthalmology, the company's pipeline includes cutting-edge technologies like miLens, a novel soft contact lens that enables the monitoring of intraocular pressure (IOP) in patients suffering from glaucoma and ocular hypertension.