Visioneering Technologies Inc. Raises $5 Million in Funding for New Presbyopia Solution
Posted: Monday, April 27, 2009
ATLANTA—Visioneering Technologies Inc. (VTI), a startup company with what it describes as breakthrough technology for correcting presbyopia through contact lenses and other on eye/in eye applications, announced the closing of its Series B round of financing led by MB Ventures of Memphis, Tenn.
The company, which has raised nearly $5 million to date, has added investment partners to fund completion of its clinical trials. Other major investors include Charter Life Sciences and Life Science Angels, both of Palo Alto, Calif., and the State of Georgia through its ATDC Seed Capital Fund.
VTI’s patented approach to vision correction utilizes induced aperture optics to improve the optical efficiency of the eye’s vision system. The technology has a number of on eye and in eye applications including contact lenses, LASIK, intraocular lenses and corneal inlays.
According to industry veteran Joe DeLapp, VTI’s president and CEO, “VTI’s initial play into the marketplace will be the contact lens category, where solutions for presbyopia correction have fallen short of consumer expectations. With the aging demographics of the population, VTI’s solution for presbyopia provides an enormous market opportunity.”