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Transcend Medical raises $35 million in venture capital

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MENLO PARK, Calif. — Transcend Medical, maker of the Transcend CyPass System for glaucoma, announced that it has received $35 million in Series B funding, the company announced in a press release.

HLM Venture Partners led the investment, followed by new investors Canaan Partners, Technology Partners and Latterell Venture Partners, who made significant contributions to this round of financing. The venture was also supported by current investors Morgenthaler Ventures and Split Rock Partners.

"Completing this round is a testament to the progress of our technology and a strong validation of its potential to impact the future of glaucoma treatment," Brian Walsh, president and chief executive officer of Transcend Medical, said in the release. "We are now well-capitalized to accomplish all initial clinical and commercial milestones for the company."

The Transcend CyPass System is being developed as a possible replacement for current glaucoma therapies and as a way to expand treatment to a larger patient population.