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Tear Film completes Series B funding
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Tear Film Innovations has announced the successful completion of its Series B Preferred Stock funding round, which amassed $8.5 million and was led by Visionary Ventures Fund LP and Bluestem Capital.
“This successful funding round completes the capitalization for our growth strategy,” Rob Thornhill, CEO of Tear Film, said in the release. “We are currently making key hires to meet the significant market demand for our iLux system.”
In December 2017, the iLux system — which provides targeted therapy through an in-office treatment — received 510(k) clearance from the FDA. According to the release, the iLux system allows eye care professionals to provide targeted therapy of blocked meibomian glands, which contribute to dry eye.
The therapy was unveiled in April at the American Society for Cataract and Refractive Surgery annual meeting and was showcased at the Vision Source Exchange in May.
“The early, enthusiastic response to the iLux system from both the ophthalmic and optometric sectors is very encouraging,” Richard Lindstrom, MD, member of the Visionary Ventures Fund investment team, Minnesota Eye Consultants and the Primary Care Optometry News Editorial Board, said in the release. “Dry eye continues to dominate the clinical and commercial landscape in eye care, and we are confident the iLux device will play a significant role moving forward.”