SynergEyes, Inc. Raises $13 Million Series C Financing
Carlsbad, CA (February 9, 2009) -- SynergEyes, Inc., the high Dk hybrid contact lens manufacturer, announced today the closing of $13.3 million in Series C financing to fund the development and clinical trials for next generation hybrid contact lens products and to expand sales and marketing efforts globally.
De Novo Ventures of Palo Alto, CA, led this round as well as SynergEyes’ Series B round. Bio-Star Private Equity Fund joined Series A and B investors: Alloy Ventures, Delphi Ventures, InnoCal Venture Capital and Windward Ventures as a new investor.
Based in Carlsbad, CA, SynergEyes has developed a new type of contact lens that combines two materials "a rigid gas permeable center and a soft, hydrophilic outer skirt. The result is a durable "hybrid" lens for patients seeking crisp, clear vision and the all-day comfort of a soft lens.
"SynergEyes sincerely appreciates the continued commitment of our venture capital partners and their support of the vision and mission of SynergEyes. Their investment will ensure that the millions of patients in need of our technology will have access to the many features and benefits only a hybrid contact lens can offer," said Paul Kammann, CFO of SynergEyes, Inc.
"SynergEyes hybrid contact lenses represent a significant advancement in the contact lens industry and give eye care professionals a one-of-a-kind tool to satisfy one of the largest growing patient categories in the world," said Jim Ham, CEO for SynergEyes, Inc. "SynergEyes has demonstrated substantial revenue growth since market introduction in 2006. Our next generation products will re-define state-of-the art in the vision correction industry."
Jay Watkins, managing director of De Novo Ventures, expressed his firm's continued support for SynergEyes, "SynergEyes continues to demonstrate significant progress towards becoming a world class vision care company. Hybrid contact lenses address a critical patient need and we are extremely pleased to continue our strong partnership with this innovative company."
The newest SynergEyes investor, Bio-Star Private Equity Fund, believes the company has the potential to deliver a truly transformational vision correction product. "During the due diligence process, our firm realized the compelling value proposition SynergEyes offers not only patients, but also eye care practitioners," said Renee Masi, Managing Member of BioStar. "The market potential for a product that can offer all the benefits of a rigid and soft contact lens without any of the disadvantages is tremendous."
Incorporating patented HyperBondTM technology and HydrolEyesTM surface science, the SynergEyes lenses with FDA market clearance include SynergEyes® A for naturally occurring ametropia, targeting patients with astigmatism, current gas permeable lens wearers, and patients demanding optimized vision; the SynergEyes® KC for keratoconus, the SynergEyes® Multifocal lens for presbyopia and the SynergEyes® PS for post-surgery and post-trauma refractive errors.