Smartlens, Inc. Closes $6.1M Series A led by Ambit Health Ventures with investments from prominent institutions and Stanford University

MOUNTAIN VIEW, Calif., July 11, 2023 /PRNewswire/ -- Smartlens, Inc., a clinical-stage ophthalmic technology company, has closed an oversubscribed $6.1M Series A equity financing round to advance regulatory clearance for miLens, a novel, electronics-free, soft contact lens for monitoring diurnal intraocular pressure (IOP).

The funding round was led by Ambit Health Ventures, joined by Stanford University, Graphene Ventures, Sophia Innovation Capital, Plaisance Capital Management, 3E Bioventures, Boutique Venture Partners and Wilson Sonsini Investments alongside doctors, industry veterans and key opinion leaders.

At the 2023 American Glaucoma Society Annual Meeting, the Company revealed remarkable clinical results for miLens. This groundbreaking device, the first of its kind, is an electronics free soft contact lens that uses microfluidics technology. It enables monitoring of intraocular pressure (IOP) outside of clinical settings for individuals with glaucoma and ocular hypertension. This development has the potential to revolutionize clinical decision-making by providing previously unattainable data, allowing for personalized treatment and early detection of glaucoma patients. From early diagnosis to comprehensive disease management, the utilization of this data can help prevent progression, while also offering tailored treatments for individuals at various stages of glaucoma. miLens represents a decade-long, multi-disciplinary team effort to address a significant and unmet clinical need.

Savas Komban, CEO of Smartlens Inc., said, "We are thrilled with the outstanding participation in our Series A, which will bring miLens one step closer to transforming glaucoma care. We would like to thank our partners for their valuable support in our mission. Understanding the true nature of the disease in each patient throughout the day will allow proactive and well-informed clinical decisions. These decisions will play a vital role in preventing irreversible blindness for millions of glaucoma patients worldwide."

Sam Goldberger MD, MBA Co-Founder and Managing Partner of Ambit Health Ventures said, "This technology is of the utmost importance in comprehending glaucoma and the daily fluctuations in intraocular pressure (IOP). Its implementation will enable physicians to enhance glaucoma treatment and mitigate the risk of permanent vision loss. Ambit Health Ventures takes great pride in being involved with this innovative technology."

Glaucoma is a group of chronic eye diseases and is the leading cause of irreversible blindness. Elevated IOP is the primary and only treatable risk factor for this condition. According to the World Health Organization (WHO), it is estimated that more than 50% of people with glaucoma are undiagnosed, with over 76 million people suffering from the disease worldwide. This number is expected to increase to 111.8 million by the year 2040.

About miLens

miLens offers a novel, non-invasive way to monitor IOP in glaucoma and ocular hypertension patients. It has the potential to improve clinical decision-making from diagnosis to the severe stages of the disease by helping to enable personalized treatments, monitoring treatment efficacy, and tracking patient compliance over time to prevent progression and irreversible vision loss. Designed as an electronics-free, soft contact lens, miLens is the smallest wearable microfluidic device available.

About Smartlens, Inc.

Smartlens, Inc. is an ophthalmic technology company specializing in developing innovative solutions for diagnosing and treating chronic eye diseases. With a strong focus on addressing unmet needs in ophthalmology, the company's pipeline includes cutting-edge technologies that will facilitate improved clinical decision-making while also paving the way for a new generation of therapies. For further information, please visit www.smartlens.health.

About Ambit Health Ventures

Ambit Health Ventures is a healthcare innovation venture capital firm specializing in early-stage digital health investments. Our leadership team brings a wealth of experience in these sectors, enabling us to drive positive change in the healthcare industry. We are dedicated to improving healthcare by supporting innovative solutions developed by our portfolio companies, all while delivering strong financial returns to our investors.

For inquiries, please contact [email protected]

SOURCE Smartlens, Inc.