Luminopia announced that it raised $16 million to support its software-based therapeutic for amblyopia, commonly known as lazy eye.
Cambridge, Massachusetts-based Luminopia saw its oversubscribed Series A financing round led by U.S. Venture Partners (USVP). New investor Broadfin Advisors supported alongside existing investors ShangBay Capital and Vertical Group. In conjunction with the financing. USVP General Partner Casey Tansey joins Luminopia’s board.
Luminopia plans to use the funds to support the full commercial rollout of its lead product. This Lumiopia product, a software-based lazy eye therapeutic, received FDA de novo approval in October 2021. Its current availability comes through prescription use only through eye care professionals.
The system has an indication for improving visual acuity in children between ages 4-7 with amblyopia associated with anisometropia and/or with mild strabismus. It allows patients to watch therapeutically modified TV shows and movies to improve vision within a virtual reality headset. The company says it’s the first FDA-approved digital therapeutic for children with amblyopia.
“We are thrilled to announce the successful close of our oversubscribed Series A round, which will allow us to advance our mission of pioneering a new class of treatments for the 15 million Americans who suffer from neuro-visual disorders,” said Scott Xiao, co-founder and CEO of Luminopia. “This significant investment not only reinforces the potential of our clinically validated amblyopia treatment, but also enables us to bring the first new therapy in decades to patients across the U.S.
“We are grateful to our investors for their support and belief in our vision.”