A Medical Device Daily
SynergEyes (Carlsbad, California) reported last week that it closed a $13.3 million series C financing to fund the development and clinical trials for hybrid contact lens products and to expand sales and marketing efforts globally.
De Novo Ventures (Palo Alto, California) led this round as well as SynergEyes' series B round. Bio-Star Private Equity Fund (Petoskey, Michigan) joined Series A and B investors Alloy Ventures (Palo Alto, California), Delphi Ventures (Menlo Park, California), InnoCal Venture Capital (Costa Mesa, California) and Windward Ventures (San Diego) as a new investor.
SynergEyes has developed a new type of contact lens that combines two materials – a rigid gas permeable center and a soft, hydrophilic outer skirt. The result is a durable hybrid lens for patients seeking crisp, clear vision and the all-day comfort of a soft lens.
"SynergEyes sincerely appreciates the continued commitment of our venture capital partners and their support of the vision and mission of SynergEyes. Their investment will ensure that the millions of patients in need of our technology will have access to the many features and benefits only a hybrid contact lens can offer," said CFO Paul Kammann.
"SynergEyes hybrid contact lenses represent a significant advancement in the contact lens industry and give eye care professionals a one-of-a-kind tool to satisfy one of the largest-growing patient categories in the world," said CEO Jim Ham, CEO. "SynergEyes has demonstrated substantial revenue growth since market introduction in 2006."
Jay Watkins, managing director of De Novo Ventures, said, "SynergEyes continues to demonstrate significant progress toward becoming a world-class vision care company. Hybrid contact lenses address a critical patient need and we are extremely pleased to continue our strong partnership with this innovative company."
Incorporating patented HyperBond technology and HydrolEyes surface science, the SynergEyes lenses with FDA market clearance include SynergEyes A for naturally occurring ametropia, targeting patients with astigmatism, current gas permeable lens wearers, and patients demanding optimized vision; the SynergEyes KC for keratoconus; the SynergEyes Multifocal lens for presbyopia; and the SynergEyes PS for post-surgery and post-trauma refractive errors.