Tear Film Innovations announced it has completed a $8.5 million Series B Preferred Stock funding round led by Visionary Ventures Fund LP and Bluestem Capital.
“This successful funding round completes the capitalization for our growth strategy. We are currently making key hires to meet the significant market demand for our »iLux system,” Rob Thornhill, CEO of Tear Film Innovations, said in a company news release. “We appreciate the ongoing support from Visionary Ventures, the significant investment by Bluestem Capital and the continued participation of our early investors.”
The iLux system received 510k clearance from the FDA in December 2017. The device enables eye care professionals to provide targeted therapy to blocked meibomian glands through an in-office treatment. The dry eye therapy was unveiled to ophthalmologists at the 2018 annual meeting of the American Society for Cataract and Refractive Surgery in April and showcased this month to optometrists at the 2018 Vision Source Exchange.
“The early, enthusiastic response to the iLux system from both the ophthalmic and optometric sectors is very encouraging,” Richard Lindstrom, MD, of Minnesota Eye Consultants and member of the Visionary Ventures Fund investment team, said in the news 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.”
“We continue to see the value in Tear Film Innovations (TFI) and fully support the company’s leadership team in bringing this important dry eye treatment option to the eye care market,” said Jeffry Weinhuff, Managing Partner, Visionary Ventures Fund, L.P.